Exchanges in Russia Set to Launch International Crypto Payments
The
largest exchanges in Russia are all set to launch international crypto payments
for cross-border settlements upon approval by the concerned authorities in
Moscow, according to a leading member of the Russian Parliament. The stock and
commodity trading platforms in Moscow and St. Petersburg are working to develop
the market, the lawmaker added.
Top Exchanges Waiting for Moscow’s Approval
Major
Russian exchanges are all set to start working with cryptocurrencies as soon as
government institutions approve the legal conditions for crypto settlements.
The Head of the Financial Market Committee at the State Duma, the Lower House
of Parliament, has announced.
Moscow Exchange, St. Petersburg Exchange, and the St. Petersburg International
Commodity Exchange are actively working to develop the market and are ready to
roll out the process as the infrastructure is already in place, Anatoly Aksakov
said in an interview with
Parlamentskaya Gazeta, the official newspaper of the Federal Assembly.
The
Russian deputy pointed out that legislation designed to regulate the matter is
currently being discussed. The necessary bills can be adopted as early as
November, the lawmaker has hinted, as per the reports of crypto news portals
Bits.media and RBC Crypto.
Russia
changed its outlook towards cryptocurrencies as a way to circumvent financial
restrictions imposed by the West over its military invasion of Ukraine. The
Russian Government now considers them an important tool that can ensure
uninterrupted cross-border payments.
In
mid-September, Prime Minister Mikhail Mishustin ordered the
Ministry of Finance and the Central Bank of Russia to agree on a common
position by December on the federal legislation needed to regulate the issuance
and circulation of digital coins, including their mining and use in
international settlements.
Last
week, news sources revealed that the two regulators have already reached a
general agreement on a bill authorizing crypto payments in foreign trade deals.
Russian media reports also hint at financial authorities in Moscow developing a
mechanism to facilitate such crypto payments.
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