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Russia develops a bill to create a national crypto platform

Sergei Altukhov, a member of the State Duma Committee on Economic Policy (United Russia), talked about the development of a bill that would allow the creation of a national crypto platform. It will form a register of digital currency operators and license their activities. According to him, with the help of such a platform, exporters will be able to use digital currency in cross-border payments. It is assumed that within the framework of the initiative, miners will be able to conduct business legally and pay taxes. He believes that creating conditions for the circulation of digital currencies will reduce dependence on global financial assets and bring the goal of Russia's digital sovereignty closer. The national operator will have two main functions. Firstly, it will allow participants in foreign economic activity (FEA) who need cross-border settlements through cryptocurrency to the platform. Also, it will authorize crypto-exchanges and the purchase and sale of crypto-currency for foreign economic activity participants.

The option is being considered that the exchange does not have to be registered in Russian jurisdiction. He clarified that a detailed study of the interaction scheme is now being carried out. Last March 16, State Duma deputies approved the law on the digital ruble in the first reading. The document gives the Central Bank of Russia the authority to create and manage the infrastructure for the functioning of the currency. The digital ruble should enter consumer circulation by 2030. Last April 18, the chairman of Central Bank of Russia Elvira Nabiullina announced the regulator's readiness to start piloting the digital ruble on a small number of real clients.


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