What Russian lawmakers’ decision to launch crypto exchange could mean for the market

Russian lawmakers are currently processing a draft amendment bill ensuring that the country launches a national cryptocurrency exchange, the local media outlet Vedomosti reported on November 23.

An unidentified individual in the report’s coverage divulged that the lawmakers met with market stakeholders because of the amendments necessary to enhance the country’s cryptocurrency regulation.

In the report, the legislators intend to certify a document that intensely considers the role of market participants before approving and presenting it before the higher authorities. The draft needs to be ratified by the Russian Central Bank and the country’s Ministry of Finance.

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What Russian lawmakers Hope To Achieve With this launch 

Russia plans to ensure cryptocurrencies are regulated and subjugated under relevant state measures and authorities. A member of the Committee on Economic Policy, Sergei Altukhov, stated:

“It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large flow outside state regulation.” He added, “There was a need to generate conditions that would make cryptocurrencies legal in the country and regulate the rules of the game.”

In July, the head of the Duma Committee on Financial Markets, Anatoly Aksakov, disclosed that Russia might launch a national cryptocurrency exchange that would be included as part of the Moscow Exchange. Recently, the Russian government has recorded tremendous growth in its pursuit to advance several pro-crypto bills to subvert the strict sanctions imposed on it by the Western hegemony.

In September, Russian financial regulators agreed to enable Russians to use cryptocurrency for international payments. Aside from that, a bill was introduced in the Duma that would legalize crypto mining operations and the auction of such mined cryptocurrency. 

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Other countries might do the same.

With this move by Russia, other countries might want to take similar steps. Though the cryptocurrency market has been bearish this year, this might be good news for many crypto hopefuls on the verge of losing conviction in the market’s future.

With more countries adopting this decision, the cryptocurrency ecosystem is bound to enjoy a massive increase and bountiful profits. Though the measures might infringe on the freedom traders enjoy, the future still looks bright for cryptocurrency with steps like this.