In response to sanctions, Russia intended to launch a national, government-backed cryptocurrency exchange, but according to State Duma official Anatoly Aksakov, the nation is no longer planning to launch a regulated national crypto exchange.

Instead of establishing a unified cryptocurrency exchange, Russia is now working on setting some rules for the creation and management of such platforms, according to statements made by Aksakov. Russia is taking the route of building multiple cryptocurrency exchanges and establishing regulations for related processes, such as cross-border transactions.

Aksakov highlights that the major initiative of the nation lies within regulation and legalities. The Russian central bank is likely to be the main watchdog to supervise the national cryptocurrency exchanges and their activities.

According to Aksakov, Russian crypto exchanges will enable local firms to be immune from sanctions, and this is likely to trigger global restrictions against these platforms. Russia has been hit with sanctions led by the European Union, the United States and their allies in response to their infamous invasion on Ukraine.

Sources:

https://cointelegraph.com/news/russia-scraps-plans-for-a-national-cryptocurrency-exchange

https://financefeeds.com/russia-scraps-proposal-for-government-backed-crypto-exchange/

https://beincrypto-com.webpkgcache.com/doc/-/s/beincrypto.com/russia-cancels-crypto-exchange-focus-regulation/

https://medium.com/coinmonks/russia-scraps-plans-for-a-national-cryptocurrency-exchange-aims-to-regulate-multiple-crypto-6f32a81a02bb

https://iz.ru/1519017/mariia-kolobova/novyi-bitok-v-rossii-poiaviatsia-pravila-sozdaniia-i-raboty-kriptobirzh