Russian Exchanges Ready to Launch International Crypto Payments, Legislator Reveals

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Russia’s biggest exchanges are ready to start operating with cryptocurrencies right after authorities legalized cross-border crypto settlements, according to a senior member of the Russian parliament. Stock and commodity trading platforms in Moscow and St. Petersburg are working to develop this market, the senior official added.

Major exchanges in Russia await green light from Moscow on cryptocurrency payments

Major Russian stock exchanges are ready to start working with cryptocurrencies as soon as government institutions create legal conditions for crypto settlements, the head of the Financial Markets Committee at the State Duma, the lower house of the Russian Federation, has announced. parliament.

Moscow Stock Exchange, St. Petersburg Stock Exchange and St. Petersburg International Commodity Exchange are actively working on market development and are ready to immediately get involved in the process, as the infrastructure is already there, Anatoly said. Aksakov in an interview with Parlamentskaya Gazeta. , the official journal of the Federal Assembly.

Also quoted by crypto news outlets Bits.media and RBC Crypto, the Russian MP pointed out that legislation to regulate the issue is currently under discussion. The necessary bills can be adopted as early as November, the legislator said.

Russia has turned to cryptocurrencies as a way to circumvent financial restrictions imposed by the West during its military invasion of Ukraine. The Russian government now sees them as a tool capable of ensuring uninterrupted cross-border payments.

In mid-September, Prime Minister Mikhail Mishustin ordered the Ministry of Finance and the Central Bank of Russia to develop by December a common position on the federal legislation needed to regulate the issuance and circulation of digital coins. , including their extraction and use in international regulations. .

Last week, news broke that the two regulators had already reached broad agreement on a bill to allow the use of cryptocurrency in foreign trade agreements. Russian media also revealed that Moscow financial authorities are already developing a mechanism to facilitate these crypto payments.

Keywords in this story

commodity exchange, cross-border payments, cross-border settlements, crypto, crypto payments, cryptocurrencies, cryptocurrency, exchanges, international settlements, moex, moscow exchange, payments, russia, russian, settlements, exchanges

Do you expect Russia to quickly pass laws allowing the use of cryptocurrencies in cross-border settlements? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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