Russian Ministry of Finance takes significant steps in integrating digital currency to its systems financial The Russian Exchange and St. Petersburg Exchange are licensed stock markets that allow crypto trading. This initiative will facilitate the engagement of qualified investors with digital currencies. It marks a major shift in how Russia views its economy. financial landscape.
Local media reported that the Ministry of Finance plans to allow companies registered in the Central Bank’s Registry of Exchanges and Trading Systems to provide digital currency trading. “specially qualified” investors. The Bank of Russia manages the registry which includes currently seven licensed and recognized exchanges. They include the Moscow Exchange as well as St. Petersburg Exchange and St. Petersburg International Mercantile Exchange.
Anatoly Aksakov is the head of State Duma Financial Market Committee. He said that the major exchanges have already begun to actively prepare for developing the infrastructure needed for the crypto market. He said that after the necessary legal framework was in place, the exchanges could quickly enter the cryptocurrency trading market without any significant obstacles.
The Ministry of Finance proposal is part of an enlarged government review that addresses two parliamentary measures focusing on cryptocurrency regulation and transactions in digital currencies under a legal experimental regime. Mikhail Mishustin, Prime Minister of Russia, has given several government agencies (including the Ministry of Finance, the Bank of Russia) the task of developing mechanisms to use cryptocurrencies for international settlements.
According to the proposal of the ministry, digital currencies should be treated as commodities and subjected to specific rules. The regulations will be issued based on a trading or exchange system licence and would apply only to certain investors who are specially qualified. The document doesn’t specify the requirements for the investors but it proposes to recognize digital currencies within the regulatory framework. This would facilitate currency transactions, and allow them to be used as payment methods in international trade agreements.
Russian commodity firms, especially those with Chinese counterparts, are turning more and more to stablecoins as a means of transacting, despite international sanctions and stricter compliance requirements. They have started using stablecoins like Tether to ease cross-border trade and overcome the difficulties posed by conventional currencies. financial systems.
Parallel to these developments, Russia also advances its Central Bank Digital Currency initiatives (CBDC). The President of Russia, Vladimir Putin, signed last year a bill that authorized the creation of a new digital currency, called the digital ruble. In this move, the Bank of Russia is granted the legal authority for it to be the platform operator of the digital ruble. This will act as a brand new form of payment in addition to cash and other non-cash Rubles.
It was recently revealed that Russia is collaborating with Iran on CBDC (cash-back digital currency) and digital financial Asset-based trade solutions powered by DFAs. Rahimi Mohsen, the trade attaché of the Iranian Embassy in Russia, stated that both nations are exploring the use of DFAs and CBDCs to enhance their trade capabilities.
Russia’s recent consideration of allowing qualified investors to trade crypto on its stock exchanges marks an important step in the country’s development. financial evolution. Integrating digital currencies with its existing systems. financial Russia, by exploring innovative solutions including CBDCs and Stablecoins is positioning itself as a leader in digital financial revolution. This step not only makes digital currency more accessible for investors who are qualified, but also shows Russia’s commitment to adapting the world to its rapid change. financial landscape.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cryptocoin.news