Amid the digital industry expansion, Russian lawmakers are drafting proposals to establish a national cryptocurrency exchange under government oversight, the crypto media channel Finbold reported on November 24.

Indeed, the Ministry of Finance and the Central Bank of Russia, which have a protracted history of disagreement over crypto legislation in the country, both support this enhancement approach.  According to Sergey Altukhov, a member of the Economic Policy Committee, conditions must be created that would allow the legalization of digital currencies and adjustment of the “rules of the game” within the national legislative frame.

Thus, the exchange regulation framework that the Duma members are drafting specifically relates to a draft amendment that will be preceded by the preparation of a document that considers the state of the market, following which it will be presented to the government and the Bank of Russia for debate.

It’s also worth noting that starting this September, the local Finance Ministry is working on a draft that would govern cryptocurrency mining, with a particular emphasis on energy-rich locations where the practice would be permitted.

Source: FINBOLD