News - Russia halts plans for national exchange

By Ted Maas

Russia halts plans for national exchange

Like the Russian Izvestia persbureau reports, Russia has decided to halt plans for a national crypto exchange. Instead, the government wants to create rules and regulations for existing crypto companies.

"The [ministry] did not support the creation of a single national exchange," said the Russian director of financial policy. "We want to allow companies to regulate such websites through new laws.", he added.

Several private crypto companies in the Russian Federation felt encouraged by the news. Speaking to Izvestia, BitRiver said that "government decision would help eliminate market monopolies".

For the industry, the development is positive, he added. According to a report, Russia is the second largest hotspot for cryptomining, just behind the US. While work on a national trading platform is now likely to be halted, Russia's largest bank is working on its own blockchain. Russia is also working on its own CBDC.

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