The Ministry of Finance and the Russian Central Bank is cooperating to launch a central encoder. This comes after successive attempts to force other exchanges to get out of the country.
This is just one step in Russia’s recent efforts to strengthen the cryptocurrency as a tool for evading sanctions. Its government and business community adopt this practice, and Russia is considering Vedicoin, supported by rubles.
Russia to launch a government -backed encryption exchange
According to a report From the local media, Russian government institutions have major plans for this central exchange. Initially, it will only be open to “qualified” investors.
This refers to investors with 100 million rubles ($ 1.2 million) of securities and deposits or $ 50 million ($ 600,000) in annual income. These requirements are not final and can be changed after launch.
Anton Selwanov, Russian Finance Minister, described the plan:
“Along with the central bank, we will launch an exchange of encryption for highly qualified investors. The encryption assets will be legalized, and encryption will be removed from the shadow.
This exchange is part of Russia’s response to the suppression of international encryption. Specifically, private companies are forced to leave the country.
Last month, GARANTEX, a Russian Stock Exchange, lost $ 28 million in assets when Tether was frozen after US sanctions. In the previous month, Deribit also left the country after sanctions from the European Union.
Siluanov announced last December that the Russian government will use the cryptocurrency to evade international sanctions, and that private companies have adopted this practice.
At the last Brix summit, Russia has called for this policy on the international stage, studying the stable -backed Stablecooin.
By creating this exchange, Russia will have a platform to intensify its encryption activities. According to the report, these “superior investors” will be able to directly trading in Cryptoassets, while retail traders will be limited to various derivatives. These relationships with the last three -year plan to test the regulatory encryption markets.
The encryption exchange is to be launched in Russia this year, but the government still needs to determine some details. The regulatory framework of the encryption derivatives does not work completely, and the plan has faced some decline from the country’s financial community.
Disintegration
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