Russia is set to establish two cryptocurrency exchanges in Moscow and St. Petersburg to bolster foreign economic activities, according to a report by local media outlet Kommersant on August 23.
The new exchanges will serve as key hubs for international trade. Initially, access will be restricted to a select group of users, with plans to expand availability to major firms, including exporters and importers. Mikhail Uspensky, a member of the State Duma’s legislative committee on cryptocurrency regulation, emphasized that small and medium-sized businesses, as well as individual users, will not have immediate access.
He added, “It is important to emphasize once again that the contours of the future experiment are entirely at the mercy of the regulator.”
The initiative will also involve the issuance of stablecoins pegged to the Chinese yuan and a basket of BRICS currencies. BRICS, an intergovernmental group comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates, aims to challenge the economic and political dominance of wealthier nations. The yuan-linked stablecoin is intended to reduce reliance on the US dollar and enhance trade agreements among BRICS member states.
This move follows a statement by Russia’s Deputy Foreign Minister, Sergei Ryabkov, in May, suggesting that BRICS nations were exploring stablecoins for financial and trade transactions.
The development marks a significant shift in Russia’s approach to cryptocurrency, which had previously been cautious. Recent months have seen the Russian State Duma pass legislation legalizing Bitcoin mining and consider the use of stablecoins for international payments. Additionally, there are plans to advance the Russian ruble central bank digital currency (CBDC).
