Creation of a Russian crypto exchange possible when market is more understandable - Duma committee head

MOSCOW. Dec 16 (Interfax) - Cryptocurrency bought by citizens or mined by miners should be used for settlements and exchange on international markets, and the creation of a Russian cryptocurrency exchange will be possible when the market becomes more understandable to both the regulator and participants, head of the State Duma's Financial Market Committee Anatoly Aksakov said.

"Cryptocurrency that has been created or acquired should circulate outside our country, outside our jurisdiction, but it can be recorded on corresponding accounts, accounted for by our organizations within the Russian jurisdiction, though it should only be used for payments in external markets," Aksakov said during a press conference on Monday. "I believe that as the market develops and as it becomes more legal, meaning more understandable to both the regulator and market participants, after that, we will be able to discuss the creation of special Russian infrastructure to trade in cryptocurrencies," Aksakov said.

Aksakov said he had considered the possibility of introducing a bill that would allow Russian citizens to open accounts tied to cryptocurrency and use them for settlements abroad. However, representatives of the Central Bank of Russia informed him that this option is already available.

Currently, citizens in Russia can buy and hold cryptocurrency, but it cannot be used for payments within the country. An experiment has been underway since September 1, conducted by the Central Bank, which allows participants in foreign economic activities to make settlements in cryptocurrency. A special law was adopted for this purpose. As part of this experiment, the Central Bank will be able to set rules for trading digital currency and create an operator for cryptocurrency transactions based on the National Payment System.