After a series of unnerving comments from Alexei Moiseev of Russia’s Ministry Of Finance on the topic of Bitcoin, it is perhaps both good and unsettling news that cryptocurrency will intersect with the Moscow Stock Exchange. While it appears to be a pleasant new development the utterances of Moiseev from an interview aired at Rossiya-24 news channel still have an ominous echo. When asked about bitcoin potentially being subject to new restrictions he talked about wanting to control and monitor the usage, via the Moscow Stock Exchange.
Following a series of unnerving comments from Russia’s Deputy Minister of Finance, Alexei Moiseev regarding Bitcoin, Russia is, once more, the spotlight in the cryptosphere. According to Forbes, cryptocurrencies may soon intersect with the Moscow Stock Exchange.
In an interview with Rossiya 24, Russia’s Deputy Minister of Finance, Alexei Moiseev has once more picked up the subject of cryptocurrencies, stating qualified investors will soon be able to trade cryptocurrencies on the Moscow Stock Exchange. However, citizens must have at least six million rubles in personal assets or 200 million, in the case of investment firms. By allowing qualified investors only, Moiseev hopes to mitigate some of the typical concerns that are often associated with cryptocurrencies, most noticeably their pseudonymous or anonymous nature. He stated:
“We really need to be able to track deals and transactions in these currencies,”
While it appears to be a pleasant new development, Moiseev also talked about Bitcoin potentially being subject to new restrictions, stating that there should be a certain amount of control and monitorization when it comes to Bitcoin transactions. He stated:
“The central bank regulates this area, and there are rules stipulating the status of a qualified investor. An individual can easily be one, but he or she has to undergo some tests.”
It is almost always good news when the cryptosphere gains support, even if there is an undertone of relinquishing privacy, freedom and true ownership of your own money. The revolution is not going to happen all at once and the permissive stance that is being taken by the Russian government is still an advancement.
The Moscow Stock Exchange Blockchain-based platform
Earlier in August, The Moscow Stock Exchange shared the news that it has been building a blockchain based cryptocurrency trading platform Russia’s National Settlement Depository or the NSD said it was developing a blockchain platform to enable deposit and settlement services for digital assets. The new transaction hub is made in alliance with the Waves Platform.
The platform could enable the NSD to issue a crypto-currency and its own wallet to store and disperse the digital funds, which is useful in many ways for financial institutions.
The founder and CEO of Waves, Sasha Ivanov explained
“The ability to work with new types of financial instruments will be of interest to a wide circle of market participants, including banks, pension funds and retail investors. Collaboration with NSD is important for us with regard to all new and existing instruments…”
Eddie Astanin, Chairman Executive at NSD said
“In partnering with Waves, our goal is to create a secure and user-friendly accounting infrastructure for digital assets.”
Despite the previous “hate/love” history between Russia and crypto, it finally seems that Russia is getting ready to adopt blockchain technology and cryptocurrencies.