State Duma deputy from Tatarstan Airat Farrakhov said that the republic is perfect for launching a Russian national cryptocurrency exchange. According to the people’s representative, such a project will help develop the region’s economy.

Currently, Russian government agencies are discussing the possibility of launching cryptocurrency exchanges in Russia and, according to new laws, the Central Bank will approve such projects as early as September 1. According to Airat Farrakhov, one of the best places for the emergence of a crypto exchange could be his fiefdom:

“Our republic has all the conditions for creating a crypto exchange. They can be briefly described in three words – involvement, readiness, manageability of the economy. We have a powerful infrastructure, and the expert and professional potential makes the republic the best platform for implementing such a project. The decision has not yet been made, but Tatarstan may well be entrusted with its implementation.”

The deputy believes that Tatarstan can compete for the right to launch a cryptocurrency exchange with Moscow, St. Petersburg and other regions.

“The prospect of becoming a platform for the first Russian crypto exchange opens up opportunities for the region to make a huge leap forward in several areas at once – this is innovative activity that allows for payments on a global scale, as well as the development of enterprises engaged in developments in the field of cybersecurity and software,” said Airat Farrakhov.

The representative of the republic in the State Duma assured: the emergence of a national cryptocurrency platform will help Russia make payments between friendly countries. And in a more general sense, the crypto exchange will become the first such business of a whole new kind of economic activity.

Earlier, Russian Finance Minister Anton Siluanov said that his department and the Bank of Russia are currently simply discussing the possibility of launching a state-controlled cryptocurrency exchange.