Russian legislators are considering creating a government-backed cryptocurrency exchange

According to the local news outlet Vedomosti, Russian lawmakers are drafting an amendment bill allowing the country to establish a national cryptocurrency exchange.

According to an unnamed participant in the discussions, the lawmakers were in contact with market participants regarding the revisions required for the nation's crypto regulations.

The report claims that the legislators desire a draft document that considers the market participants' viewpoints before submitting it to the higher authorities.

The Russian Central Bank and the nation's Ministry of Finance must approve the draft. Russia aims to put cryptocurrency under state control with this strategy.

Sergei Altukhov, a Committee on Economic Policy member, said: “It makes no sense to say that cryptocurrencies do not exist, but the problem is that it circulates in a large flow outside state regulation.”

Althukov continued, saying that it was necessary to establish prerequisites for the legalization of cryptocurrencies in the nation and “regulate the rules of the game.”

Anatoly Aksakov, the chairman of the Duma Committee on Financial Market, suggested in July that Russia might establish a national cryptocurrency exchange that would be a part of the Moscow Exchange.

Recently, the Russian government has been advancing several crypto-friendly bills to get around the sanctions the Western superpowers have placed on it.

Russian financial authorities decided to permit the use of cryptocurrencies for international payments in September.

In addition, they presented a bill that would make cryptocurrency mining legal and the sale of mined currency to the Duma.