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Moscow Exchange Withdraws from Pilot Crypto Program

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by Giorgi Kostiuk

2 years ago

  1. Reasons for Moscow Exchange's Withdrawal
  2. New Legal Status of Cryptocurrencies in Russia
  3. Plans for Digital Currency Development in Russia


    4. The Moscow Exchange, Russia's largest exchange group, confirmed its decision not to participate in a pilot cryptocurrency trading program, despite new legislative measures allowing digital currencies under the supervision of the Central Bank of Russia.

    Reasons for Moscow Exchange's Withdrawal

    The decision to withdraw from the pilot program was confirmed by Nikolai Trunichkin, head of digital projects at the Moscow Exchange. While the Saint Petersburg Stock Exchange will continue with the pilot, the Moscow Exchange is focusing on other digital projects such as blockchain and tokenization.

    New Legal Status of Cryptocurrencies in Russia

    The Moscow Exchange's decision to withdraw from the crypto pilot comes at a time when Russia is building a legal framework for digital currencies. New laws passed by the Russian State Duma aim to regulate cryptocurrency trading, with the Central Bank ensuring strict oversight over these digital assets.

    Plans for Digital Currency Development in Russia

    In addition to the cryptocurrency pilot, Russia is expanding its digital ruble pilot program. The Bank of Russia plans to include 9,000 individuals and 1,200 companies in this initiative, with full implementation expected by late 2025. Russia also plans to launch new cryptocurrency exchanges and stablecoin platforms in Moscow and Saint Petersburg to support international trade.

    Despite the Moscow Exchange's withdrawal from the pilot cryptocurrency program, Russia continues to actively develop digital currencies and new financial instruments to support and regulate the economy.

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