Russia has abandoned its plans to launch a national crypto exchange for cross-border payments. Instead, the country's lawmakers have decided to use existing crypto exchanges for international settlements, regulating the operation and establishment of digital asset trading platforms. - The country will now allow private companies to launch crypto exchanges.
- Ivan Chebeskov, the director of the financial policy department of the Ministry of Finance for the Russian Federation, said the ministry plans to regulate the launch of crypto exchanges by private enterprises.
- Head of the Russian lower house committee on financial markets, Anatoly Aksakov, also stated that existing crypto exchanges would be allowed to facilitate international transactions without specifying the platforms that would be authorized.
- Aksakov added that existing platforms would probably face new restrictions.
- The Central Bank of the Russian Federation will be responsible for regulating the operations of crypto exchanges and managing cross-border settlements within the national regulatory framework.
- The move came nearly one month after Russian Finance Minister Anton Siluanov unveiled the country's new payment system allowing crypto use in cross-border transactions.
- The country had originally planned to build special institutions operating crypto mining and transfers to foreign entities.
- In July 2022, Russian President Vladimir Putin signed a bill banning payments with digital assets, including crypto, for goods and services across the nation.
- The central bank's chair, Elvira Nabiullina, recently stated that they support the use of digital assets by the state agencies for settlements with foreign entities, though they oppose the crypto use within the state.
- In late March, the bank also postponed the launch of the pilot of its central bank digital currency (CBDC), or the digital ruble, expected to start on April 1 since the related legislation has not been ready yet.
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