The Russian Ministry of Finance has shared their plan for the country’s financial markets. They want traditional stock exchanges, like the Moscow Exchange, to start offering cryptocurrency trading services to certain qualified investors.
The proposal also includes the central bank creating an experimental cryptocurrency platform for international settlements starting September 1.
Anatoly Aksakov, Head of the Financial Market Committee, commented on this proposal, stating that these exchanges could start crypto trading operations without any issues. As long as the necessary legal framework is done.
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To make this happen, the Ministry of Finance has developed a plan that involves the registration of trading systems and exchanges.
Reportedly, the Bank of Russia will maintain a registry of these exchanges and trading systems, making sure they are licensed and officially recognized.
Currently, this registry has seven companies. CTS Exchange, National Commodity Exchange, Eastern Exchange, St. Petersburg Currency Exchange, St. Petersburg International Mercantile Exchange, and of course, the Moscow Exchange.
Aksakov said the exchanges are already actively working on developing the market and organizing their operations to support cryptocurrency trading. He believes that Russia has the potential to handle cryptocurrency transactions effectively.
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The Ministry of Finance is also pushing for the proper regulation of cryptocurrencies. It has even suggested legitimizing crypto exchanges within the country.
However, the officials couldn’t reach an agreement with the central bank because the latter only wants to dabble in crypto via experiments.
So now the State Duma is planning to introduce a bill that would grant the central bank the authority to develop an experimental cryptocurrency platform.
This platform will reportedly be for international settlements and transactions, providing a new avenue for Russia to engage in the global financial system.
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Russia has been increasing its financial interactions with China, India, the United Arab Emirates, and Turkey in efforts to break away from America and its dollar.
Through using crypto, Russia can bypass traditional financial systems and continue its international trade activities without being hindered by sanctions.
U.S. Treasury Secretary Janet Yellen says she’s concerned about Russia using cryptocurrencies. She pointed out that while the trading isn’t all that big, it could become major as sanctions become more severe.
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