The Moscow Exchange wants to become a cryptocurrency and bitcoin exchange

Russia’s largest stock exchange, the Moscow Exchange (MOEX), appears to have plans to trade and invest in as well cryptocurrencies Self bitcoin (BTC) and other digital financial assets (DFA) to customers. This is evident from an account that the stock exchange wrote.

Crypto-handel in Russia

Speaking at a banking conference, Sergei Shvetsov, chairman of the supervisory board of the MOEX, said the bill provides for the exchange of DFA and DFA certificates which serve as titlesor securities, are traded. Which reports the local newspaper Knowledge:

“We want the market to choose between blockchain accounting and deposit accounting and, if the law is passed, Russian custodians will be able to hold DFAs in their accounts on the blockchain: once the client needs the underlying, they cash in the certificate and they receive the assets in their account on the blockchain.

Shvetsov indicates that there is still a lot of work to be done. There are still many questions that the stock market cannot answer right now.

The bill is currently under consideration by the Russian central bank. During the summer a Russian legislator and president of the finance committee in the Russian lower house, the State Duma, it might be a good idea to turn the MOEX into a full-fledged cryptocurrency exchange.

Western sanctions

That the Russian government is investing so much in the cryptocurrency industry doesn’t seem to be a coincidence. Previously it was already in cryptographic news to read that Russian companies can use cryptocurrencies international payment. Such developments most likely have everything to do with Western sanctions.

After the invasion of neighboring Ukraine, Russia was inundated with disastrous financial sanctions from the West. These sanctions are currently hitting the Russian financial sector like a wrecking ball. The cryptocurrency industry can be seen as a way to get around at least some of these sanctions.

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