According to Saint Petersburg Currency Exchange, “services related to cryptocurrencies” are not something the company plans to offer.
A significant stock exchange in Russia has refuted rumors that it is about to introduce a state-run cryptocurrency trading platform.
Major Russian news outlets were reportedly informed earlier this week by anonymous insiders that the exchanges in Saint Petersburg and Moscow were prepared to launch cryptocurrency exchange services.
But in a statement on its website, the Saint Petersburg Currency Exchange (SPVB) stated that it does not have any plans to provide “any services related to cryptocurrencies.”
Russian Stock Exchange: We Have No Crypto Plans
The SPVB said it was responding to “reports in a number of media outlets.” And it refuted claims that it has any “plans” in place regarding crypto.
“The reports that appeared in a number of media outlets that the St. Petersburg Currency Exchange plans to become one of the platforms for trading crypto assets are not true. Our approved development strategy is focused on developing our own products and services in the money and stock markets. They do not involve the provision of any services related to cryptocurrencies.”Saint Petersburg Currency Exchange
But it seems that without fire, there can be no smoke. The idea of establishing a state-run cryptocurrency exchange has been promoted by prominent politicians in Moscow over the past few weeks.
This comes after laws that will allow the use of cryptocurrencies as a payment method in international trade and legalize industrial crypto mining as of September 1st were approved.
The SPBV is also seeking a new head of anti-money laundering operations with crypto skills. The exchange posted a vacancy on the Headhunter (HH) recruiting site.
According to the job posting, the new employee will be in charge of “creating AML/CFT guidelines for [transactions involving digital financial assets and cryptocurrencies”
Alternatives for a ‘National Crypto Exchange’
If the plans to establish national cryptocurrency exchanges in St. Petersburg and Moscow fail, other areas seem eager to take over.
Business Online quoted Yakov Tenilin, the founder of the crypto project Crypto-Polygon, as stating that the Republic of Tatarstan’s IT Park has a plan in place.
The Ministry of Digital Development of Public Administration, Information Technology, and Communications of Tatarstan provides support for the park.
According to Tenilin, organizations with a base in Tatarstan have already developed a “digital platform for a national crypto exchange.”
He also claimed that the exchange was ready to “start working at any moment, and had been “tentative named” the “Tatarstan National Crypto Exchange.” Tenilin said:
“In Russia, cryptocurrency is not a means of payment. The latest legislation confirms this to be the case. So the best thing we can do is to control the inflow and outflow of cryptocurrency to and from Russia.”
The crypto industry insider said that the exchange would help boost transparency. He explained:
“As soon as customers want to convert cryptocurrency into fiat rubles, they will have to do this through a designated crypto exchange. Then, it will be clear what you have received, and how much tax you should pay.”
It is also said that the establishment of a “regional crypto mining operator” is being considered by the Tatarstani government.
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“Large industrial companies based in Tatarstan” will be able to “conduct cross-border payments in cryptocurrency,” according to Tenilin.
On Friday, August 23, there were rumors going around that Russian stock exchanges were going to introduce stablecoins linked to the fiat currencies of the BRICS countries—the Chinese yuan and others.
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According to statements made, the Russian finance ministry is especially eager to establish a state cryptocurrency exchange.
As legislators search for a solution, miners and top banking officials are also in talks with the government.