It has been reported that the Russian government is planning to launch a state-owned crypto exchange. This move signals that Russia is interested in developing its digital asset infrastructure, and it could have far-reaching implications for the global crypto market. Details are still awaited, but we can expect to hear more in the coming months. In this article, we take a closer look at Russia’s plans and what they mean for investors.
Central Authorities of Russia Goes Crypto Friendly Again
Russian lawmakers are reportedly working on amendments to the country’s existing cryptocurrency legislation that would pave the way for the launch of a central bank-backed crypto exchange. As local media reported on Nov. 23, members of the lower chamber of the Russian parliament, the Duma, have been in discussions regarding amendments to the country’s existing “On digital financial assets” with market stakeholders.
If approved, the proposed changes would allow the central bank to open its own cryptocurrency exchange and create regulations around initial coin offerings (ICOs). The move comes as Russia’s central bank has been increasingly vocal about its plans to launch a digital ruble, with officials saying that the project is currently in the “testing” phase. Given the central bank’s involvement in the development of a national crypto exchange, it is likely that the digital ruble would be traded on this platform.
With these latest developments, it appears that Russia is serious about establishing itself as a key player in the global cryptocurrency market. While there are still many details to be ironed out, it seems that Russian lawmakers are committed to making this happen.
Global Race for Digital Currency Has Just Begun
In recent months, there has been a surge in activity surrounding central bank digital currencies (CBDCs). Countries around the globe are increasingly launching CBDC research and development initiatives, with China leading the global CBDC race. The Reserve Bank of India is preparing to start a retail pilot of the digital rupee in collaboration with major local banks including the State Bank of India in December. In mid-November, the Federal Reserve Bank of New York’s Innovation Center announced the launch of a 12-week proof-of-concept CBDC pilot in partnership with banking giants like BNY Mellon, Citi, HSBC, and others.
