The Cryptocurrency laws legislator/lawmaker said due to Western sanctions, digital currency assets such as crypto assets can help Russia gain access to the Global Financial Market. The official considers that the country is now skilled to support mining and build its household/domestic crypto exchange.
Deputy insists Russia could set up its Crypto Exchanges:
The crypto space is just an interface, buying crypto via online banking with crypto space. The State Duma (the lower house of the Russian parliament) member has just indicated that setting sanctions on Russia is very difficult in the area of crypto space. In conversation with State Duma Alexander Yakubovsky highlighted the point that Russia has assets to build its crypto exchanges and use another method of the payment platform. Also, crypto exchanges should reduce the restriction consequences on the country.
Crypto exchange legislator/lawmaker realized the problem that platforms of Global Marketing ( such as Binance ) are stressed by the support about sanctions against the Russia or Russian Federation. Intentionally, Russian authorities restrict the assistance of crypto exchanges in foreign such as Binance (Binance is a crypto platform). On the other side, he observed among the world’s beating crypto exchanges professionals are advising lawmakers to improve the struggles in designing the best regulatory structure for crypto assets in the country.
New regulation structure of Crypto Assets:
The member Yakubovsky of State Duma assigned the working group to suggest the complete crypto regulations. He said the new regulation gives access to the Global Financial Market, and the new regulation is now tried to block for Moscow by Western governments. He described more and said, it will only rely on the effectiveness of the new regulation structure:
“In addition, the viable outcome of financial crypto assets will decrease the rate of damage that occurred by restrictions against the country.”
Russian crypto miners and mining or development power:
The global mining market will not leave by the Russian crypto miners, the official remarked. The State Duma member recalled the last year’s mining post that ranked at third number in terms of mining power. While he was recalling the mining capacity post also described this power as a “huge amount of power “. In his thought, it’s foolish behavior to not use the power because the country (Russia) has a huge amount of powers like huge development power.
When questioned about the conflicts between the Russian central bank and the complete ban on crypto offered in January, and regulations are favored by Finance Ministry under rigid regulations, the deputy (who insists Russia could set its crypto exchanges) stated: that now the situation has changed. In January, Russia had brought a complete ban on cryptocurrency business and mining. In early March, the report showed that Russian authorities were moving on with the constitution struggles but other governmental agencies still keep the Minfin’s approach. And Minfin’s approach is the Russian Ministry of Finance means which correlates the financing of interest with the amount of interest.
Lawmakers working on regulation framework of Crypto Assets:
Last year, after the enactment of the law on financial crypto assets, skilled legislators/lawmakers have been working on the improvement of the regulatory structure. In February, a draft law was presented in front of the federal government by the Ministry of Finance on cryptocurrency which wants to validate crypto-assets while ensuring the ban.