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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’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 economic activities (FEA) while also aiming to develop a BRICS stablecoin tied to the Chinese yuan (RMB).
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.
Russia’s Crypto Sector Development
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.
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.
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BRICS Goal for Economic Cooperation
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.
BitRiver CEO Oleg Ogienko noted the technological challenges of introducing stablecoins on Russia’s blockchain. “Stablecoins are more like cryptocurrencies by their legal nature,” 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.
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