Russia is motivated by sanctions to establish its own crypto market infrastructure, finance ministry says.
Sanctions Motivate Russia to Create Own Crypto Market Infrastructure, Finance Ministry Says
With sanctions cutting off Russia from global finances, Moscow’s motivation to establish a domestic market infrastructure for digital assets grows, a top official at the Russian finance ministry has noted. The comment comes as Russians are losing access to foreign crypto platforms.Amid expanding international sanctions over the invasion of Ukraine, Russia has been turning its attention towhile concerns in the West are growing that the country may use them to circumvent financial restrictions.
The incentives to build the Russian infrastructure for the cryptocurrency market have increased, as sanctions have led to restrictions for Russian nationals on foreign exchanges. The remark was made by Ivan Chebeskov, director of the Financial Policy Department of the Ministry of Finance, during the International Banking Day conference, Tass reported.
Therefore, the motivation for creating the Russian infrastructure for digital currencies, of course, becomes even greater. A Russian crypto market would not only allow Russians to withdraw their assets but also conduct other transactions. According to the Finance Ministry, a growing number of them are willing to transfer their coins to the Russia. Some trading platforms, for example the leading South Korean exchanges, have alreadyThe Russian crypto space remains only partially regulated with the law “On Digital Financial Assets” which went into force in January, 2021.
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