Russia, which recently passed a law allowing the use of Bitcoin (BTC) and cryptocurrencies in international payments, continues its work in the field of cryptocurrencies without slowing down.
Russia plans to set up two cryptocurrency exchanges to boost foreign economic activity despite risks and sanctions challenges, local Russian news agency Kommersant reported.
Accordingly, two crypto exchanges are expected to be established in Russia, one in Moscow and the other in St. Petersburg.
It was stated that these exchanges were designed to support foreign economic activities.
The introduction of these crypto exchanges is expected to be phased. Initially, access will be limited to a select group of users. This group is expected to include subsidiaries of large exporters and importers, often referred to as “blue chips” in the business world.
Russia is also considering developing a stablecoin tied to the Chinese Renminbi (RMB) Yuan and the BRICS currency basket. With this move, Russia aims to increase economic cooperation among the BRICS countries (Brazil, Russia, India, China and South Africa).
Legal experts noted that these will likely be established under a special experimental legal framework with a focus on stablecoin development.
Oleg Ogienko, CEO of Russia-based company BitRiver, noted the technological challenges in integrating stablecoins into Russia’s blockchain infrastructure, saying, “Stablecoins are more similar to cryptocurrencies due to their legal structure. This can complicate their convertibility, liquidity, and security. Moreover, the complexity of these issues may hinder the smooth adoption of stablecoins in Russia.”
*This is not investment advice.