SPB Exchange announced its readiness to trade cryptocurrency if it is legalized

The St. Petersburg Exchange is ready to open cryptocurrency trading as soon as it is legalized in Russia. This was stated at the NAUFOR forum by the head of the trading platform Roman Goryunov.

“The world of cryptocurrency will one day merge with the world of traditional financial instruments. <…> When cryptocurrency is allowed in the Russian Federation, we will be the first [в стране]who will trade it,” noted the head of St. Petersburg Exchange (quote according to TASS).

According to Goryunov, the trading platform already tried to launch a crypto exchange in 2017. He believes that Russian crypto investors should trade on domestic infrastructure rather than on foreign platforms.

In Russia, on January 1, 2021, the law on digital financial assets and digital currency came into force. It states that such currency is property, but it cannot be used to pay for the purchase of goods or services. The law does not prohibit individuals and legal entities from investing in digital assets.

The Chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, noted in December 2022 that cryptocurrency in Russia will be legalized in 2023. But it still cannot be used as a means of payment in the country.

Since August 15, the Bank of Russia has allowed the use of digital rubles in real transactions. While the currency is at the testing stage, it is planned to be introduced into mass circulation no earlier than 2025.

Currently, 13 banks are allowed for testing: VTB, Gazprombank, Alfa Bank, Promsvyazbank, Sovcombank, Rosbankbank Dom.RF“Sinara”, “Ingosstrakh Bank”, Transcapitalbank, MTS Bank and Qiwi Bank. In 2024, 16 more credit institutions will join the pilot. From January 1, the Central Bank plans to give foreign banks access to the digital ruble.

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