Russia’s largest exchange is ready to start operating with cryptocurrencies after authorities legalized cross-border cryptocurrency settlements, according to a leading member of Russia’s parliament. The senior official added that Moscow and St. Petersburg stock and commodity trading platforms are working hard to develop the market.
Top Russian exchanges await Moscow approval for cryptocurrency payments
The head of the State Duma Committee on Financial Markets, the lower house of parliament, announced that major Russian exchanges are ready to start using cryptocurrencies once government agencies create legal conditions for cryptocurrency settlements.
Moscow ExchangeSt Petersburg Exchange and St Petersburg International Commodity Exchange are actively working to develop the market and are ready to participate in this process immediately, as the infrastructure already exists, Anatoly Aksakov said in a statement interview In collaboration with Parlamentskaya Gazeta, the official newspaper of the Federal Parliament.
Crypto news outlets Bits.media and RBC Crypto also quoted the Russian deputy noting that legislation aimed at regulating the matter is currently under discussion. Lawmakers say the necessary bills could be passed as early as November.
Russia has turned its attention to cryptocurrencies to circumvent financial restrictions imposed by the West on its military invasion of Ukraine. The Russian government now sees them as tools that can ensure uninterrupted cross-border payments.
In mid-September, Prime Minister Mikhail Mishustin order The Ministry of Finance and the Central Bank of Russia will develop a joint position by December on federal legislation needed to regulate the issuance and circulation of digital coins, including their mining and use in international settlements.
Last week, news broke that regulators in both countries had reached an overall agreement on a bill authorizing the use of cryptocurrencies in foreign trade transactions.Russian media reports also revealed that Moscow’s financial authorities are already working on a mechanism to facilitate such crypto payments.
Do you expect Russia to quickly pass laws that allow the use of cryptocurrencies in cross-border settlements? Share your thoughts on the topic in the comments section below.
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