Russian exchanges are ready to launch international crypto-currency payments!

Russia’s largest exchanges are ready to start operating with crypto-currencies as soon as authorities legalize cross-border crypto settlements. Moscow and St. Petersburg stock and commodity trading platforms are working on the development of this market.

Russia’s major exchanges are waiting for Moscow’s green light for crypto-currency payments.

Russia’s leading stock exchanges are ready to start working with crypto-currencies as soon as government institutions create the legal conditions for crypto-currency settlements, announced the head of the Financial Market Committee of the State Duma, the lower house of parliament.

The Moscow Stock Exchange, the St. Petersburg Stock Exchange and the St. Petersburg International Commodity Exchange are actively working on the development of the market and are ready to get involved in the process immediately, since the infrastructure is already in place, Anatoly Aksakov said in an interview with Parlamentskaya Gazeta, the official newspaper of the Federal Assembly.

Also quoted by crypto-currency news outlets Bits.media and RBC Crypto, the Russian deputy stressed that legislation to regulate the issue is currently under discussion. The necessary bills can be adopted as early as November, the lawmaker said.

Russia has taken an interest in crypto-currencies as a way to circumvent financial restrictions imposed by the West following its military invasion of Ukraine. The Russian government now sees them as a 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 develop a joint position by December on the federal legislation needed to regulate the issuance and circulation of digital currencies, including their mining and use in international settlements.

Last week, it was reported that the two regulators had already reached a general agreement on a bill allowing the use of crypto-currencies in international business transactions. Russian media also revealed that Moscow’s financial authorities are already developing a mechanism to facilitate these crypto-currency payments.