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Russia aims to strengthen international trade with this move.
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The State Duma revealed plans to develop a national crypto exchange last year.
Russian authorities are now thinking of planting cryptocurrencies for cross-border remittances. State Duma Financial Market Committee’s chairman Anatoly Aksakov has laid light on the possibility of these plans coming into existence by the second half of 2024. Crypto assets are alternative forms of payment tailored to serve as a medium of exchange locally or globally.
The Move Does Not Imply Russia Supporting Cryptocurrencies
Appearing in an interview with Russian newspaper Izvestia, Aksakov told them that authorities may pass the legislation by the end of Q1 2024. Moreover, he shows optimism about this plan given the active cryptocurrency market in Russia. Crypto mining, taxation, remittances, and more will fall under this regulatory umbrella.
The move is appealing to players involved in crypto activities with
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