Moscow Stock Exchange will soon begin trading digital currencies. This adoption includes other derivatives and ETF funds underpinned by various cryptocurrencies. The exchange is in the process of creating the infrastructure to trade Bitcoin, Ethereum and other virtual currencies in the later part of 2017. Most odd is that this comes after Russia bans ‘ordinary people from trading cryptocurrency, a logistically impossible move due to the nature of cryptocurrencies but the ban exists.
Bitcoin to take Russian trading by storm
Russian state owned news Tass has reported that the exchange states that platforms for the post-trading of cryptocurrencies is already partly complete.
A statement out of the exchange itself tells us:
“We are already working on creating an infrastructure for such trades, in particular, a platform for post-trading services for crypto assets.”
Russian Deputy Finance Minister Alexei Moiseev has motioned that the government has plans to regulate Bitcoin as a whole as a financial asset.
Cryptocurrencies in Russia
Russias cryptocurrency market is experiencing surges despite the ban. Among the plans are the third largest stock exchange in the country at St. Petersburg Stock Exchange looking to add cryptocurrency trades to its activities.
Russian government agencies are advancing their efforts to regulate the use of cryptocurrencies within the large region and many draft legislations are reportedly being created and discussed.
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