Russia Will Allow Cryptocurrency Trading In Moscow Stock Exchange

August 30, 2017 7:34 pm Published by

Soon people will be able to trade digital currencies against paper currency on the Moscow Stock Exchange for certain qualified investors in the first move for a stock exchange in making cryptocurrency a new investable asset on Wednesday, according to Fortune.

Russia’s Deputy Minister of Finance, Alexei Moiseyev, told Rossiya 24 on Tuesday that RTS Micex would only allow specific and qualified investors to avoid large money laundering or criminal operations, with all qualified investors needing at least six million rubles in personal assets or 200 million rubles for investment firms.

“We really need to be able to track deals and transactions in these currencies,” Moiseyev told Kommersant.

The move indicates that Russia is going to keep moving forward with adopting block chain technologies in order to bulk up their national usage of the digital money and for the government to learn in the process how things work.

Tuesday’s announcement by the Finance Ministry official marked a significant change in the views of Russian regulators from just a year ago.

“Recognizing the extraordinary popularity of crypto-currencies among Russian users, some of the Russian regulators are lobbying a permissive rather than a prohibitive approach to the new technology,” says Anar Babaev, co-founder of ICOBox in Moscow. “They are cautiously moving towards adopting new laws to embrace blockchain and make it a national priority,” he says.

Russia has done a complete 180 in how they view the issuance and circulation of cryptocurrencies, moving forward in legalizing them and now the admission to the city’s central trading floor.

While the Russian exchange is still small, trading at under a trillion dollars a day and making the smallest of the BRIC exchanges, many Russian individuals have already become globally known for their cryptocurrency developments.

Russia’s exchange is small, trading under a trillion dollars daily and making it the smallest of the BRIC exchanges.

Vitalik Buterin, a Russian born programmer who was educated at the University of Waterloo, invented Ethereum, a two-year old block chain-based computing program that uses its own digital currency called ether, which along with bitcoin, is one of the largest digital currencies in Russia.

Buterin and Putin met earlier this year in June to discuss the potential future of the market in Russia, with Buterin saying on Tuesday that it’s clear to him that “many people at different levels of the Russian government are open to crypto-currencies. I think my meeting with Putin helped him see things clearer.”

WN.com, Maureen Foody



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