Russia’s legislators are working on amendments to the process of creating a national cryptocurrency market.
Both the Russian Ministry of Finance as well as the Russian Central Bank may have some role in this effort, according to reports. These two organizations are known for being in conflict with each other over the government’s oversight of cryptocurrency within the nation.
The Duma is the Russian lower house. Local media reported on November 23 that the Duma members had been in discussions with industry leaders to propose revisions to Russia’s current cryptocurrency law, “On digital financial assets.”
The central bank would first be notified of the amendments that would create a legislative basis for a national currency.
Anatoly Akosakov, chairman of Duma’s Committee on Financial Markets made a June recommendation that Russia create a national cryptocurrency trading platform as part the Moscow Exchange. The Moscow Exchange was Aksakov’s topic.
In September, the Moscow Exchange created a bill for the central banking to allow trading in digital assets. This law is designed to make it easier to trade digital assets. This law is intended to allow digital assets to be traded.
At the beginning of the month, the Duma was presented with a measure that legalizes both the mining and sale of cryptocurrency. The law also allows the sale of cryptocurrency that has been mined.
However, local miners would still have the right to use platforms in other countries, despite that Russian law would create a platform for selling cryptocurrency and a Russian trading platform.
In the second scenario, transactions in question wouldn’t be subject to the currency rules and controls that Russia has in place. However, they would need to be reported back to the Russian tax agency. Even though the transactions would not be subject the currency rules and controls, this would still be true.