{"id":27533,"date":"2024-08-24T14:00:16","date_gmt":"2024-08-24T11:00:16","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=27533"},"modified":"2024-08-24T09:23:15","modified_gmt":"2024-08-24T06:23:15","slug":"russias-cryptocurrency-move-two-new-exchanges-and-a-brics-stablecoin-coming","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/russias-cryptocurrency-move-two-new-exchanges-and-a-brics-stablecoin-coming\/","title":{"rendered":"Russia\u2019s Cryptocurrency Move: Two New Exchanges and a BRICS Stablecoin Coming"},"content":{"rendered":"<p>Russia plans to launch two new cryptocurrency exchanges and a BRICS stablecoin in a bid to boost foreign economic activity despite the challenges of international sanctions.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/russias-cryptocurrency-move-two-new-exchanges-and-a-brics-stablecoin-coming\/#Russias_Two_New_Exchanges_Moscow_and_St_Petersburg\" title=\"Russia&#8217;s Two New Exchanges: Moscow and St. Petersburg\">Russia&#8217;s Two New Exchanges: Moscow and St. Petersburg<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/russias-cryptocurrency-move-two-new-exchanges-and-a-brics-stablecoin-coming\/#Russias_Crypto_Sector_Development\" title=\"Russia\u2019s Crypto Sector Development\">Russia\u2019s Crypto Sector Development<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/russias-cryptocurrency-move-two-new-exchanges-and-a-brics-stablecoin-coming\/#BRICS_Goal_for_Economic_Cooperation\" title=\"BRICS Goal for Economic Cooperation\">BRICS Goal for Economic Cooperation<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Russias_Two_New_Exchanges_Moscow_and_St_Petersburg\"><\/span>Russia&#8217;s Two New Exchanges: Moscow and St. Petersburg<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Russia plans to launch two new cryptocurrency exchanges in Moscow and St. Petersburg. The move emphasizes increasing the use of foreign economic activities (FEA) while also aiming to develop a BRICS stablecoin tied to the Chinese yuan (RMB).<\/p>\n<p>The new cryptocurrency exchange initiative aims to provide a new platform for digital transactions. However, the general public is concerned about the limitations and risks associated with the project, especially due to international sanctions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Russias_Crypto_Sector_Development\"><\/span>Russia\u2019s Crypto Sector Development<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Plans According to Kommersant newspaper, one of the crypto exchanges will facilitate foreign economic activity by using the infrastructure of the St. Petersburg Currency Exchange (SPCE). The other platform is expected to be established in Moscow. However, it is not yet clear whether this platform will be developed away from the existing Moscow Exchange or as a separate entity within a scattered legal framework.<\/p>\n<p>The main focus of these exchanges will be access and usage of stablecoins. Stablecoins are usually a type of cryptocurrency that is tied to a national currency or a currency deposit. Russia is reportedly playing stablecoins tied to the Chinese Renminbi (RMB) Yuan and BRICS currency deposit.<\/p>\n<p><em>Might interest you: <a href=\"https:\/\/coinengineer.net\/blog\/dbs-bank-launches-blockchain-based-government-grants-pilot\/\">DBS Bank Launches Blockchain-Based Government Grants Pilot<\/a><\/em><\/p>\n<h3><span class=\"ez-toc-section\" id=\"BRICS_Goal_for_Economic_Cooperation\"><\/span>BRICS Goal for Economic Cooperation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The move aims to increase economic cooperation among the BRICS countries (Brazil, Russia, India, China and South Africa). Currently, BRICS is aiming to de-dollarize via crypto and blockchain. However, there are several challenges to developing a BRICS stablecoin and new crypto exchanges.<\/p>\n<p>BitRiver CEO Oleg Ogienko noted the technological challenges of introducing stablecoins on Russia\u2019s blockchain. \u201cStablecoins are more like cryptocurrencies by their legal nature,\u201d Ogienko said, adding that this composability could complicate their liquidity and security. The complexity of these details could also hinder the smooth adoption of stablecoins in Russia.<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia plans to launch two new cryptocurrency exchanges and a BRICS stablecoin in a bid to boost foreign economic activity despite the challenges of international sanctions. Russia&#8217;s Two New Exchanges: Moscow and St. Petersburg Russia plans to launch two new cryptocurrency exchanges in Moscow and St. Petersburg. The move emphasizes increasing the use of foreign<\/p>\n","protected":false},"author":6,"featured_media":7842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,2],"tags":[8122,642,8120,8121],"class_list":["post-27533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exchange-news","category-news","tag-brics-stablecoin","tag-russia","tag-russia-crypto","tag-russia-crypto-exchange"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Russia\u2019s Cryptocurrency Move: Two New Exchanges and a BRICS Stablecoin Coming - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/russias-cryptocurrency-move-two-new-exchanges-and-a-brics-stablecoin-coming\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russia\u2019s Cryptocurrency Move: Two New Exchanges and a BRICS Stablecoin Coming - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Russia plans to launch two new cryptocurrency exchanges and a BRICS stablecoin in a bid to boost foreign economic activity despite the challenges of international sanctions. Russia&#8217;s Two New Exchanges: Moscow and St. Petersburg Russia plans to launch two new cryptocurrency exchanges in Moscow and St. Petersburg. 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