Russia’s biggest stock exchange, the Moscow Exchange has been carrying out operations aimed at harboring the trading of bitcoin futures and cryptocurrencies. However, this is quite stunning considering the Russian Central Banks position regarding cryptocurrencies earlier this fall.
Apparently, BTC futures were not banned by the CB.
According to Tass, which is a Russian news agency, the Russian CB did indeed forbid the Moscow Exchange from listing bitcoin futures. However, the CB is most likely ready to reconsider its stance if more adequate regulations are put in place in order to protect Russian citizens from high volatility and the general uncertainty within the industry. However, Managing Director of Communications at the MOex, Andrey Braginskiy, had something to say about this. He stated that Tass is not entirely correct and that the CB has not yet been approached in terms of bitcoin futures listing.
Mr. Braginskiy also highlighted that new regulations are not really necessary in order to list bitcoin futures. However, it would be best if Russian regulators were at ease and “in the know”.
Bitcoin futures have been in the works for a while but are still nascent.
The Russian Exchange announced that they were working on a bitcoin futures infrastructure back in August of this year. Unfortunately, this news did not raise as much furor as did the CME’s declaration for bitcoin support.
In terms of interest in the bitcoin and other cryptocurrencies, Braginsky states that top news stories cover the tech almost every day. Speaking from personal knowledge, this is indeed true. Youth love for cryptocurrencies in Russia is quite high.
However, despite the obvious popularity of digital assets. Sensible regulations must be put in place. Mixed signals have been emerging from Russia as of late. Nikolay Nikiforov, who is the head of the Russian Ministry of Communications stated that the bitcoin will never be a legal entity within the country.
Definitely odd, since Putin himself confirmed that cryptocurrencies will be regulated in Russia. And that regulatory framework must be finalized by July 2018.
I guess all we can do now is wait and see. Hopefully, Russia fully adopts cryptocurrencies and Blockchain technology. This would really push the country forward in terms of tech advantages.