Russian lawmakers have chosen to abandon plans to establish a state-owned cryptocurrency exchange in favour of establishing rules and regulations for currently existing businesses, according to a Russian news outlet on Sunday. The report said that the country’s new emphasis would be to allow private enterprises to construct cryptocurrency exchanges. According to the news article, Ivan Chebeskov, Director of the Financial Policy Department of the Russian Federation’s Ministry of Finance, stated, “The [Ministry] did not support the establishment of one national crypto-exchange.” Instead, the plan is to “legally regulate the possibility of creating such sites by business.”