A Russian news outlet reported that the Central Bank will “probably” regulate the work of these platforms, and that the institution will oversee international settlements within the country’s regulatory framework

Russian lawmakers have decided to halt plans for the creation of a state-owned cryptocurrency exchange, planning rather to set rules and regulations for currently existing ventures, according to a Russian news outlet report Sunday.

Colin Wu of Wu Blockchain broke the news on Twitter early Monday morning. He linked a translation of a Russian news outlet that detailed that the country’s new focus would be to permit private firms to build crypto exchanges.

As per the news report, Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance for the Russian Federation, stated that the (Ministry) did not support the formation of one national crypto-exchange. The aim, rather, is to legally regulate the probability of creating such sites by companies.

Anatoly Aksakov, head of the Russian lower house committee on financial markets, further said that rather than creating one national crypto exchange, it is planned to set up rules for the establishment and functioning of such infrastructures.

Aksakov further said that crypto exchanges will be permitted to pave the way for cross border payments, although he did not spell out which ones, and admitted that they would potentially face new restrictions.

Izvestia, the Russian outlet that published the news, reported that the Central Bank will “probably” regulate the work of these platforms, and that the institution will oversee international settlements within the country’s regulatory framework.

A number of private crypto operators within the Russian Federation were uplifted by the news.

This will help minimize the risks of sanctions, cyber attacks on infrastructure, and remove potential market monopolies, Oleg Ogienko of BitRiver, a cryptocurrency mining firm that operates in Russia, told Izvestia. Strengthen this view, commercial director for GIS Mining, Ivan Gostev, stated this would allow for more competitive and innovative firms to develop.