The central depository for Moscow Exchange, National Settlement Depository (NSD), the largest Russian exchange group is developing a blockchain platform that would provide deposit and settlement services for digital assets and cryptocurrencies.
The blockchain project aimed at the launch of distributed applications built in partnership with Waves Platform. The development of the prototype has already. NSD has confirmed the first prototype would be out by the first half of the next year.
NSD would be able to issue cryptocurrency, crypto currency wallet, and related services for banks, pension funds and retail investors, once the platform launches. It would also allow the exchange of these assets for fiat currencies.
Though the blockchain startup claims the project is achievable, Sasha Ivanov, the CEO and founder of the company said that if NSD would be legally allowed to deal with digital assets remains uncertain. Such a situation poses a huge challenge for the project to be launched to the market.
As of now legality to capture Bitcoin is being discussed in the country by various government authorities as no proper regulatory proposals are out yet.