26 Sep 2022 14:49

Russian exchanges ready to join in servicing of export settlements in digital currencies - Aksakov

MOSCOW. Sept 26 (Interfax) - Russia's largest exchanges have the infrastructure that will allow them to instantly start servicing the flow of cryptocurrency, in case amendments on the settlement of export contracts in cryptocurrency are adopted, Anatoly Aksakov, head of the State Duma Committee on Financial Markets, said at a press conference at the offices of the Parlamentskaya Gazeta newspaper on Monday.

"Our, Moscow Exchange and SPB Exchange , the St. Petersburg commodity exchange [SPIMEX], they are already working on this actively. I mean in terms of market development and how to set up the corresponding work. The potential of our cryptocurrency players is very high, and according to some estimates, we rank third or second in the world in terms of turnover. This shows that if only legal conditions are created for their work, they will immediately join the process. So I don't think there will be any problems with it," he said when asked how Prime Minister Mikhail Mishustin's order to develop a joint ministerial position on the introduction of international settlements in digital currencies will be executed when Russia does not have its own crypto-exchanges.

"Everything will take shape quickly, especially since platforms, electronic digital platforms themselves already exist. They will just have to be switched on immediately and set up to serve the flow of cryptocurrency," Aksakov said.

At the moment, there are no legal Russian cryptocurrency exchanges in Russia, all cryptocurrency exchanges operating in the market belong to foreign players, with some of them with jurisdictions in "unfriendly" countries. Some of them have already imposed restrictions on Russian users.

"Discussions are ongoing, but there is no final decision. We are approaching a situation where the process will be legalized, but I hope that we will do it as early as November. The infrastructure is ready and can be turned on instantly," Aksakov said.

As reported, on instructions from the government, by December 19 the Finance Ministry jointly with the Central Bank, Rosfinmonitoring, the Federal Tax Service (FTS) and the Federal Security Service (FSB) should develop a coordinated position on the draft federal bills governing the issue and circulation of digital currency in Russia in terms of regulation of mining, as well as the use of digital currencies in international settlements.