According to PANews, Russian officials are discussing the creation of a legal cryptocurrency exchange as the country continues to pivot towards digital assets. Moscow's ministers and the central bank are in talks about establishing a 'Russian crypto exchange.' Finance Minister Anton Siluanov has been in discussions with the central bank regarding the proposal to set up a legal cryptocurrency exchange in Russia. Siluanov mentioned that while no mutually acceptable solution has been reached yet, a breakthrough might be imminent, with relevant legislation potentially ready for submission to the State Duma during the autumn session. He also noted that existing Russian cryptocurrency exchanges operate in a regulatory 'gray area,' but recent legislative efforts in cryptocurrency regulation mark significant progress for the country.
Long-serving Finance Minister Siluanov and Central Bank Governor Elvira Nabiullina, both close allies of President Putin, have historically had differing views on cryptocurrency regulation. Nabiullina is a staunch cryptocurrency skeptic, whereas Siluanov favors a more progressive approach. This divergence has led to a prolonged stalemate in cryptocurrency policy. However, this deadlock was recently broken when President Putin ordered an acceleration in regulatory efforts. This directive has resulted in the swift introduction of regulations concerning cryptocurrency mining and the use of cryptocurrencies in cross-border trade.
