<p class="is-style-lead">Russian lawmakers have opted not to continue with plans to develop a state-owned crypto exchange.</p>



<p>According to a regional newspaper, Izvestia, Russian lawmakers have <a href="https://t.co/0szQiGSfug" target="_blank" rel="noreferrer noopener">scrapped</a> plans to institute legislation that would allow the government to build a crypto platform.</p>



<p>Instead, the legislature chose to create a framework that would permit private enterprises to launch crypto trading platforms under the supervision of the Russian central bank.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="591" height="266" src="https://crypto.news/app/uploads/2023/05/image-93.png" alt="Lawmakers say Russia won&#039;t develop state-owned crypto exchange - 3" class="wp-image-14162779"><figcaption class="wp-element-caption">Source: <a href="https://twitter.com/WuBlockchain/status/1663188043178844162?t=uQVspbHHR6n0KWGwLTUxWg&amp;s=19" target="_blank" rel="noreferrer noopener">Wu Blockchain</a> on Twitter</figcaption></figure>



<p>Per the reports, the private crypto exchanges will permit cross-border settlements and bypass some of the <a href="https://crypto.news/us-doj-reportedly-investigating-binance-for-violating-sanctions-against-russia/" target="_blank" rel="noreferrer noopener">financial sanctions</a> the United States and its European allies put against Russia because of its invasion of Ukraine last year.</p>



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<iframe loading="lazy" title="Can Russia use cryptocurrency to dodge sanctions? | DW Business Special" width="1020" height="574" src="https://www.youtube.com/embed/SL3j8_RJB0o?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>The original plan was part of the proposed amendments to Russia’s digital financial assets <a href="https://crypto.news/policymakers-in-russia-postpone-debating-cryptocurrency-mining-bill/">law</a>, expected to be introduced in the second quarter of 2023.</p>



<p>Anatoly Aksakov, the chairman of the State Duma&#8217;s Committee on Financial Markets, predicted that regulations for these exchanges would be developed by the end of 2023 and outlined in a draft law.</p>



<p>The move comes after the Russian Central Bank reportedly dismissed the legislators’ proposal.</p>



<p>The development of a national crypto exchange was announced in November 2022 following the collapse of FTX and Alameda.&nbsp;</p>



<p>Several members of the lower house of Russia’s parliament, the Duma, had <a href="https://www.forbesindia.com/article/cryptocurrency/russian-government-announces-the-establishment-of-a-national-crypto-exchange/81471/1" target="_blank" rel="noreferrer noopener">called</a> for the government to acknowledge the existence and use of cryptocurrencies in the country and to bring them under its control through a state-owned crypto platform.</p>



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<h2 class="wp-block-heading" id="strong-russian-losing-billions-in-potential-taxes-strong"><strong>Russian losing billions in potential taxes</strong></h2>



<p>According to Sergey Altukhov, a Russian lawmaker, Russia’s crypto sector is worth billions of rubles. However, it primarily exists beyond state regulation, meaning the government loses hundreds of millions in potential tax income.</p>



<p>Altukhov shared similar sentiments in June 2022 when he suggested Russia introduce a cryptocurrency platform based on Moscow Exchange standards. He added that such a trading platform would only work under the careful supervision of the Russian Central Bank.</p>



<p>At the same time, the legislators introduced a bill to legalize <a href="https://crypto.news/crypto-miner-migration-could-give-russia-control-over-18-of-bitcoin-hashrate/">crypto mining</a> and the sale of extracted cryptocurrency.</p>



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Lawmakers say Russia won’t develop state-owned crypto exchange

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