Russia is reportedly exploring the creation of two crypto exchanges to facilitate foreign economic activities, local media outlet Kommersant reported on August 23.
The proposed exchanges will be located in Moscow and St. Petersburg, and will serve as hubs for international trade.
Mikhail Uspensky, member of the State Duma’s Legislative Committee on Crypto Regulation, stated that these exchanges will initially be available to a limited number of users. However, they will eventually be made available to major companies including exporters and importers in the country.
He further noted that small and medium-sized businesses and individuals are unlikely to gain immediate access to the exchanges. He stated:
“It is important to emphasize once again that the contours of the future experiment are completely at the mercy of the regulator.”
Stable coins
To support this initiative, efforts would also be made to issue stablecoins pegged to the Chinese Yuan and the BRICS currency basket.
BRICS is an intergovernmental group that includes Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates. The organization aims to unite the world’s leading developing countries to challenge the economic and political influence of wealthier countries.
The Yuan-pegged stablecoin aims to reduce dependence on the US dollar and strengthen trade agreements among BRICS member states.
Meanwhile, this development follows a statement by Russian Deputy Foreign Minister Sergei Ryabkov, who indicated in May that BRICS countries are considering stablecoins for financial and trade transactions.
The Russian crypto hub
These moves further reflect how Russia’s move toward crypto has accelerated since the economic sanctions imposed over the invasion of Ukraine.
Previously, the Vladimir Putin-led country took a cautious approach to the emerging industry, but this year has taken significant steps to embrace it.
In recent months, the Russian State Duma passed a bill legalizing Bitcoin mining and also began considering legalizing the use of stablecoins for international payments.
Moreover, the country has plans to promote the use of the Central Bank of the Russian Ruble (CBDC) digital currency.
