blockchain, cryptocurrency, NBM, Anca Dragu
The legalization of cryptocurrencies, the digital transformation of the market and the transition to advanced blockchain technologies have become the main narrative of all recent speeches of the NBM Governor. To paraphrase a well-known saying, in order not to miss – you have to lead. Because not so long ago the central bank in every possible way shunned the regulation of the virtual space, where the intermediary role of real players in the financial sector is leveled.
Blockchain is a certain type of technology that allows the creation of a growing list of records, or blocks, linked together using cryptography. Each block contains a timestamp and a link to the previous block, forming an immutable chain of blocks. The decentralized nature of the blockchain provides transparency, security, and resilience.
Cryptocurrencies are digital or virtual currencies that use cryptography for security and operate on decentralized networks based on DLT. Well-known cryptocurrencies such as Bitcoin and Etherium have gained popularity due to their decentralized nature, which eliminates the need for intermediaries such as banks and offers increased privacy and security.
However, the importance of following global standards and the country’s European future has turned the tide. At the Blockchain Intelligence Forum in Bucharest and similar events on Moldovan soil, Anca Dragu never tired of proving the role of central banks in implementing the advanced technologies to which she is now so committed.
“The priority is not to passively wait for developments, but to actively participate in the changes. At the National Bank of Moldova, we are taking concrete actions to integrate new technologies and provide modern, safe and accessible financial services for citizens and companies,” the governor said.
In this context, Anca Dragu referred to the NBM’s initiatives to modernize the payment system, strengthen cybersecurity, which are related to the distributed ledger technology (DLT). Moldova seeks to comply with the European regulation of the crypto asset market (MiCA) and other relevant EU regulations.
Distributed Ledger Technology (DLT) refers to a digital system that allows transactions to be recorded simultaneously in multiple locations. Unlike traditional centralized systems, records, or registries, are not stored in a single location, but are distributed and synchronized across a network of computers. DLT serves as the foundation for the blockchain technology underlying cryptocurrencies such as Bitcoin.
Understanding the complexity of the tasks, the governor of the NBM, at the Future of Governance Forum organized by the Romanian Investors Association, urged her colleagues in financial sector governance to be more active: “These areas are difficult to develop in a small central bank like the NBM. However, it is necessary for turning the NBM into a modern, flexible and sustainable body,” Anca Dragu explained.
Romanian colleagues in the future management and investors certainly do not mind helping.
The arrival of the Bucharest Stock Exchange as an independent infrastructural entity of the Moldovan capital market is scheduled for the fall of 2025. Dumitru Budianschi, Chairman of the NCFM Administrative Council, emphasized that the development of the capital market trading infrastructure in line with European standards is an important task for the Moldovan supervisory authority.
“We very much expect that the advanced technologies of the Bucharest Stock Exchange will play a significant role in enhancing access to finance and diversifying opportunities for investors on the capital market,” Dumitru Budianschi said.
Negotiations on the format for opening a branch of the Bucharest Stock Exchange have been underway since 2022. The control over the Single Depository, which the Romanian side insisted on, has been a controversial point for a long time. In particular, there was a question of connecting the Single Central Depository of Moldova to the Romanian infrastructure. The authorities also agreed on the possibility of dual listing of Moldovan companies on the Moldovan and foreign stock exchanges, on mechanisms for trading in shares and other financial instruments.
It is not yet known how the negotiations ended, but the Moldovan side has agreed its share in the new Chisinau Stock Exchange. The Public Property Agency will act as a state co-founder. At the same time, the existing stock exchange of Moldova will not be abolished and will continue to operate if it can withstand the competition.
The Bucharest Stock Exchange, headed by Radu Hanga, has been operating for decades, with hundreds of companies listed and a great experience in attracting investors. According to him, the systems are currently being unified and the legislation is being harmonized for the normal functioning of the stock exchange in Moldova.
According to NCFM, with the arrival of a new player, a new era will start not only on the stock market of Moldova, but also in other areas of the capital market. All the initiatives envisioned in the new draft law “On Capital Market” will become possible – investment funds, private pension funds, crowdfunding platforms.
Another regulator harbors the same hopes. By 2027, the NBM should have time to adopt legislative norms in line with the European MiCA Regulation, which establishes uniform rules for the EU crypto market. A national state body will regulate the issuance, management and trading of digital assets.
