A leading Russian legislator stated that the biggest Russian exchanges will soon be able to accept cryptocurrencies as payment. This is just after crypto cross-border settlements were legalized by Russian authorities. This market is being developed by the stock and commodity trading platforms of Moscow and St. Petersburg, said a senior official.
Russia’s Top Exchanges Waiting for Moscow’s Green Light on Cryptocurrency Payments
The head of Russia’s Financial Market Committee, which is the lower chamber of parliament, announced that major Russian exchanges would be open to working with cryptocurrency once the law allows for settlements.
Moscow Exchange, St. Petersburg Exchange and St. Petersburg International Commodity Exchange actively work to develop this market. They are available to participate in the process immediately, as the infrastructure is already in place, Anatoly Aksakov stated in an interview with Parlamentskaya Gazeta (the official newspaper of The Federal Assembly).
The Russian deputy was also quoted in crypto news outlets Bits.media, RBC Crypto and that legislation is being considered to regulate this matter. According to the lawmaker’s indication, it is possible for bills to be approved as soon as November.
Russia began to focus on cryptocurrencies to get around financial restraints imposed in the West by its military invasion of Ukraine. Now, the Russian government views them as a means of ensuring uninterrupted cross-border payment.
Mid-September saw Prime Minister Mikhail Mishustin order the Ministry of Finance to develop by December a joint position regarding the federal legislation necessary to regulate the issue and circulation of digital currencies, their mining, and use in international settlements.
The news broke last week that two regulatory bodies had reached an agreement to amend a bill that would allow cryptocurrency to be used in international trade agreements. Russian media also reported that Moscow’s financial institutions are currently working to make it possible for such cryptocurrency payments.
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