Russia Will Issue Its Own Official Cryptocurrency, Behold the CryptoRuble

Moscow Stock Exchange Prepares its Infrastructure to Publish ICO Information

Initial Coin Offerings (ICOs) arrive at the Moscow Exchange, the largest stock exchange operator in Russia. The institution is updating and preparing its infrastructure to display important information about ICOs to investors.

ICOs Playing on the First Leagues

ICOs may be ready to receive an important support from traditional investors at the Moscow Exchange, known as MOEX. The information has been released by Reutres on June the 7th.

Alexander Afanasiev, head of the exchange, said that the intention is to be displaying information about ICOs this year. The details shown to investors will be token sale data, and relevant aspects of the tokens issued by several companies.

But at the same time, Mr. Afanasiev made it clear that ICOs will not be listed at the exchange, they will only be sharing information about companies and tokens.

He said, according to his translated comments:

“We’re looking at this from the point of view of fiat currencies presently because cryptocurrencies do not have the status of a legally protected asset. If that happens, we will place them in our system as well.”  

Another possibility that he mentioned is related to issuing futures contracts for ICOs, something similar to what the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) did with Bitcoin at the end of 2017. This decision will depend on the interest of investors towards these assets.

ICO Development in Russia

Around the world, ICOs have become very popular. Different companies are using the crowdfunding method to improve their products, services, or offer a new platform. According to CoinSchedule, during 2018 alone, almost $10 billion dollars have been raised by Initial Coin Offerings.

One of the most important ICOs was the so called Telegram Open Network (TON), which raised $1.7 billion dollars. The company founded by Pavel Durov has been attacked in Russia and in Iran due to the fact that the countries did not want it to operate on their territories.

In the past, Russia has decided to open two cryptocurrency-related agencies in Vladivostok so as to educate the population about these digital assets. Additionally, the Russian State Duma, has approved two different bills that are related to cryptocurrencies, ICOs and Blockchain companies. These two bills have been trying to legalize financial assets and ICO procedures in the country, which is a very promising situation for future development of the industry in the country.

Furthermore, Russia’s central bank, will host an ICO pilot alongside with Sberbank, one of the most important banks in Russia, and the National Settlement Depository (NSD), in the coming months.

Russian president, Vladimir Putin, confirmed that the government will embrace a cautious stance on cryptocurrencies. Most of the governments all over the world agree on the many benefits of blockchain technology and how it could help many different areas in the public sphere.

In the past, a national cryptocurrency has been planned, known as the CryptoRuble, so as to avoid financial sanctions imposed by western countries.