The Russian government is taking novel steps to build a regulatory framework for cryptocurrency and mining operations, according to Deputy Finance Minister Ivan Chebeskov. The initiative aims to introduce an experimental legal regime for crypto activity.
According to a report by TASS, the official Russian news agency, this infrastructure would enable an experimental legal framework to expand the use of these assets in previously unexplored areas.
“The market is telling us that we need infrastructure. We need our own infrastructure, including for mining and everything related to cryptocurrencies,” Chebeskow stated.
He also stated that the Bank of Russia has already started working on the development of this infrastructure. The market anticipates the development of a complete infrastructure to enable operations with cryptocurrency assets, according to Chebeskov. This infrastructure could be part of a national exchange that includes miners, traders, and businesses that want to use cryptocurrency to solve their problems with international payments.
Russia’s friendlier stance toward cryptocurrencies
Over the last few months, Russia has been adopting a crypto-friendly approach.
In March this year, the Bank of Russia suggested a test run for certain investors to let them trade cryptocurrencies for three years as a test. The goal is to make crypto investments safer while maintaining strict rules on how regular people can use them every day.
Later, in April, the Russian finance ministry and central bank said that they were working together to start a new crypto exchange that would be exclusive to specific investors. A three-year trial legal system will limit access to the platform to a select group of super-qualified investors.