Russian Exchanges Ready to Launch International Crypto Payments, Lawmaker Reveals – The head of the Financial Market Committee of the State Duma’s lower house of parliament has indicated that major Russian exchanges are prepared to start working with cryptocurrencies as soon as government institutions develop the legal prerequisites for crypto settlements.
Anatoly Aksakov stated in an interview with Parlamentskaya Gazeta, the official newspaper of the Federal Assembly, that Moscow Exchange, St. Petersburg Exchange, and the St. Petersburg International Commodity Exchange are actively working to develop the market and are prepared to participate in the process immediately, as the infrastructure is already in place.
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The Russian lawmaker, who was also cited by the crypto news outlets Bits.media and RBC Crypto, stated that legislation to govern the topic is now being discussed. The required legislation might be passed as early as November, according to the MP.
As a means of evading the financial limitations imposed by the West in response to its military invasion of Ukraine, Russia has turned to cryptocurrencies. They are now viewed by the Russian government as an instrument that can guarantee ongoing cross-border payments.
Prime Minister Mikhail Mishustin ordered the Ministry of Finance and the Central Bank of Russia to develop a joint position on the federal legislation required to regulate the issuance and circulation of digital coins, including their mining and use in international settlements, by the end of December.
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The news came last week that the two regulators have already reached an agreement on a measure enabling the use of Cryptocurrency in international trade transactions. According to Russian media sources, financial authorities in Moscow are already working on a method to facilitate such cryptocurrency transactions.
