- MOEX departs from Russia’s crypto pilot and focuses on other digital ventures.
- Russia promotes the digital ruble and proposes additional cryptocurrency exchanges to increase trading.
The Moscow Exchange (MOEX), Russia’s largest financial exchange, has decided not to take part in a new pilot program for cryptocurrency trading, despite recent legislation allowing digital currencies to be regulated by the central bank. Nikolai Trunichkin, MOEX’s head of digital projects, confirmed the decision, citing a preference for blockchain and tokenization instead.
In contrast, the Saint Petersburg Stock Exchange will move on with the pilot, which attempts to integrate digital currencies into traditional financial processes. This move represents a big step forward in Russia’s emerging legal framework for cryptocurrency trading, as new rules passed by the Russian State Duma ensure tight Central Bank control.
Russia Expands Digital Currency Initiatives
Russia is also pursuing its digital ruble pilot program, which will involve 9,000 individuals and 1,200 businesses. This program will include capabilities such as account administration, user transfers, and QR code payments, with complete deployment planned by late 2025. Furthermore, Russia plans to open new cryptocurrency exchanges and stablecoin platforms in Moscow and Saint Petersburg to boost international trade and lessen reliance on the US dollar.
MOEX’s exit could have an impact on perceptions of bitcoin trading in Russia, given its considerable market presence. However, the continuation of the pilot by the Saint Petersburg Stock Exchange keeps Russia’s broader crypto integration plans on track, perhaps paving the way for more widespread digital currency use.
Simultaneously, Russia is making tremendous headway on its digital ruble pilot. The program now allows users to open, close, and replenish digital ruble accounts, as well as perform transactions using QR codes. Officials estimate that the digital ruble will be fully implemented by 2025, signifying a trend toward a centralized, regulated digital money sector.
Despite MOEX’s withdrawal, Russia’s commitment to digital currency integration and financial infrastructure construction continues, demonstrating the country’s strategic move toward digital assets.
