Russia Ventures into Regulated Crypto Trading. 🇷🇺
Russia's State Duma is exploring legislation to permit cryptocurrency trading on authorized exchanges, overseen by the Central Bank. This initiative aims to foster digital financial innovation through a controlled experimental framework.
📍Three pilot projects are planned:
🔹Using digital currency in international trade.
🔹Enabling trading on licensed exchanges.
🔹Establishing a national operator for digital currency settlements.
These endeavors aim to test novel approaches for crypto trading while safeguarding investors and managing risks.
A new framework will assess risk management systems and their effectiveness. Notably, the legislation does not prohibit exchanges outside these experimental zones.
Should the law pass, the Central Bank could initiate the program by September 1, 2024, setting rules for digital currency trading. This marks a shift from the Central Bank's historical stance, likely driven by external pressures. The proposal to legalize stablecoins for international transactions could boost trade among BRICS nations and counter Western sanctions.
These developments could position Russia as a significant player in the crypto landscape, potentially impacting the global financial market.
