As an experienced financial analyst with a background in Russian markets, I find this latest development from Russia’s Ministry of Finance intriguing. The proposed measures to allow crypto trading on stock exchanges for “highly qualified” investors represents a significant step forward in the country’s approach to digital currencies.
According to reports, the Russian Ministry of Finance is considering enabling stock exchanges to begin trading cryptocurrencies, yet only granting access to this activity to a select group of experienced and knowledgeable investors.
Russia’s Ministry of Finance, commonly referred to as Minfin, is considering options to enable crypto trading on stock markets. This comes as Russia approaches the legalization of cryptocurrency transactions for international trade deals, according to Russian state news outlet Interfax, based on information from sources privy to the situation.
The ministry is considering implementing a method for experienced investors to engage in digital currency transactions, but this move faces opposition from the Russian central bank, which has yet to endorse widespread crypto legality.
According to Interfax’s report, the objective of this initiative is to simplify the process of exchanging digital currencies while dealing with intricate regulatory issues. This aligns with Russian Prime Minister Mikhail Mishustin’s plans for 2022, which include enabling crypto settlements across borders. Based on information from reliable sources, the Ministry of Finance is considering classifying cryptocurrency as a commodity to help manage regulatory complications.
The ministry’s suggestion emerges following news that the Bank of Russia could potentially endorse stablecoins for international transactions, as Russian businesses seek novel ways to trade with China due to sanctions.
In a conversation with Russia’s official newspaper, deputy governor Alexei Guznov of the central bank revealed that there are ongoing discussions about regulating the usage of stablecoins in Russia. The ultimate objective is to establish a framework that allows people to bring these digital assets into the country, save them, and utilize them for international transactions.
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2024-07-11 09:52