Russia’s leading trading platform with a $14 trillion volume, Moscow Exchange, has launched ruble-based Bitcoin ETF futures trading, marking a historic integration of cryptocurrency into the nation’s financial system.
As per the report by local news agency TASS, this new financial instrument is available exclusively to qualified investors, reflecting Russia’s cautious yet progressive embrace of digital assets within traditional markets.
The bitcoin contracts are reportedly benchmarked to IBIT, the U.S.-listed spot bitcoin exchange-traded fund issued by BlackRock. It will show market pricing in USD and settle contracts in the Russian native currency, the ruble.
The introduction of Bitcoin ETF futures allows investors to gain exposure to Bitcoin’s price movements through cash-settled contracts without directly owning the cryptocurrency.
This launch follows a complex regulatory journey, as the Central Bank of Russia halted a similar initiative by the exchange in 2017 due to a lack of a legal framework for cryptocurrencies. More recently, in 2022, the country saw proposals to ban crypto trading and mining amid concerns over financial instability and illicit activities.
However, today’s development signals a shift in Russia’s stance toward Bitcoin, which aligns with increasing adoption of cryptocurrencies among the world governments.
Also read: Russia’s Largest Bank Ties New Bond Returns to Bitcoin & USD
