Since the SWIFT ban on Russia, the country has been looking for another payment method. Currently, the country is working on using digital currencies for international payments.
According to a State Duma member, Russia may create an exchange for the trading of cryptocurrencies. The Duma member, Anatoly Aksakov, believes it is high time for Russia to create platforms for crypto transactions.
This comes after the country paved the way for the legalization of digital currencies. Aksakov noted the Moscow Exchange might be a good platform to host the crypto exchange.
Russian Authorities Might Create A Domestic Crypto Exchange
Anatoly Aksakov, Chairman of the Financial Market Committee of the State Duma, made a remark recently. The Chairman noted that the country might build a crypto trading platform soon.
According to Aksakov, the Moscow Exchange (MOEX) is a good place to launch this platform. Also, he believes a Russian crypto exchange will benefit Russian citizens. It would be equipped to manage crypto transactions across the country.
Meanwhile, the legislator has actively involved in the crypto industry. He is part of the ongoing efforts to create a comprehensive crypto regulatory system.
It is noteworthy to say the biggest exchange in Russia is MOEX. The exchange also runs the country’s main clearing house and central securities depository.
Furthermore, investors can trade bonds, derivatives, precious metals, and stocks on the exchange. The exchange ceased operations in response to the Russian-Ukraine crisis on February 24th.
Crypto Exchange To Function Under MOEX
Additionally, MOEX came under the western restrictions on Russia brought forth by the war. On March 21st, MOEX continued operation, although it was solely for state bonds. At a media briefing, Aksakov said that:
“Currently, a cryptocurrency exchange should be established in Russia. Also, it must be according to the exact specifications set forth by the central bank. I anticipate that this will be a branch of the MOEX.”
He added that the crypto exchange would function under the MOEX, a reputable platform. Before now, most Russian institutions had opposed the Bank of Russia’s plan to ban crypto.
Instead, they have been focusing on legislation to widen the laws for the crypto market. This fall, lawmakers are anticipated to consider and pass a new measure titled “On Digital Currency.”
This law would govern crypto activities in the country. The issue of regulation is a necessity currently in the country. This is due to the increased usage of digital assets.