Alternatives for a ‘National Crypto Exchange’
Meanwhile, should plans to roll out national crypto exchanges in Moscow and St. Petersburg come to naught, other regions appear keen to step in.
Business Online quoted Yakov Tenilin, the founder of the crypto project Crypto-Polygon, as stating that the Republic of Tatarstan’s IT Park has a plan in place.
The park is supported by Tatarstan’s Ministry of Digital Development of Public Administration, Information Technology, and Communications.
Tenilin said Tatarstan-based entities had already created a “digital platform for a national crypto exchange.”
He also claimed that the exchange was ready to “start working at any moment, and had been “tentative named” the “Tatarstan National Crypto Exchange.” Tenilin said:
“In Russia, cryptocurrency is not a means of payment. The latest legislation confirms this to be the case. So the best thing we can do is to control the inflow and outflow of cryptocurrency to and from Russia.”
The crypto industry insider said that the exchange would help boost transparency. He explained:
“As soon as customers want to convert cryptocurrency into fiat rubles, they will have to do this through a designated crypto exchange. Then, it will be clear what you have received, and how much tax you should pay.”
The Tatarstan government is also reportedly discussing the launch of a “regional crypto mining operator.”
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Tenilin said that this operator would allow “large industrial companies based in Tatarstan” to “conduct cross-border payments in cryptocurrency.”
Reports circulating on Friday, August 23 claimed that Russian stock exchanges were planning to launch stablecoins pegged to the Chinese yuan and other BRICS nations’ fiats.
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The Russian finance ministry has stated that it is particularly keen on launching a state crypto exchange.
Miners and senior banking officials are also involved in talks with the government as politicians look for a solution.