The Moscow Exchange Wants To Become A Crypto And Bitcoin Exchange

It appears that Russia’s largest stock exchange, the Moscow Stock Exchange (MOEX), is also planning to trade and invest in it Cryptocurrency if Bitcoin (BTC) and other digital financial assets (DFA) for clients. This is evident from a bill written by the stock exchange.

Cryptocurrency trading in Russia

Speaking at a banking conference, Sergei Shvetsov, Head of the Oversight Board of the Ministry of Foreign Affairs, said that the bill provides for the circulation of DFA and DFA certificates that serve as Guaranteesor traded securities. that reports local newspaper Vedomosti:

“We want the market to make its own choice between blockchain accounting and deposit accounting, and if the law is passed, Russian repositories will be able to keep DFAs in their blockchain accounts — once a client needs a foundation, they invest in a certificate and get the assets in their account on the blockchain. “

Shvetsov points out that there is still much work to be done. There are still a lot of questions that the stock market can’t answer right now.

The Russian Central Bank is currently reviewing the bill. during summer Russian legislator and president Finance Committee In the Russian lower house, the State Duma, it might be a good idea to turn MOEX into a full-fledged crypto exchange.

Western sanctions

It does not appear that the Russian government is investing heavily in the cryptocurrency industry was a coincidence. Previously it was already in Crypto News To read that Russian companies are allowed to use encryption in International Payments. It is likely that these developments are related to Western sanctions.

After invading neighboring Ukraine, Russia was subjected to catastrophic financial sanctions from the West. These sanctions are currently hitting the Russian financial sector like a wrecking ball. The cryptocurrency industry may be seen as a way to circumvent at least some of these penalties.