- Moscow Exchange announced its decision, not to participate in a pilot cryptocurrency trading program.
- The new laws passed by the Russian Duma aim to regulate crypto trading with the Central Bank ensuring strict oversight.
The Moscow Exchange (MOEX), Russia’s largest exchange group, has chosen not to participate in a pilot cryptocurrency trading program. Even though the recent legislation allows digital currencies under the supervision of the Central Bank of Russia.
This decision was confirmed by Nikolai Trunichkin, MOEX’s head of digital projects. While MOEX steps back, the Saint Petersburg Stock Exchange will move forward with the pilot, highlighting the country’s continued efforts to embrace digital currencies.
MOEX’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. The Central Bank ensures that these digital assets are managed under strict oversight.
However, MOEX has opted not to participate, instead focusing on other digital projects such as blockchain and tokenization. Despite MOEX’s absence, the Saint Petersburg Stock Exchange will join the pilot, to incorporate digital currencies into its traditional financial structure.
The pilot will test the feasibility of regulated cryptocurrency trading and could lay the groundwork for broader digital currency use under the Central Bank’s supervision.
Russia Expands Digital Pilot and Plans New Crypto Exchanges
In addition to the cryptocurrency pilot, Russia has been expanding its digital ruble pilot program. The Bank of Russia plans to include 9,000 individuals and 1,200 companies in this initiative. This will offer functions like account management, transfers between users, payments via dynamic QR codes, and transfers between companies.
Full implementation is expected by late 2025, showing Russia’s push toward integrating central bank digital currencies (CBDCs) into its financial system.
At the same time, Russia is planning to launch new cryptocurrency exchanges and stablecoin platforms in Moscow and Saint Petersburg to support international trade, reducing reliance on the US dollar.
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