Russia is reportedly planning to launch its own crypto exchanges and stablecoins, according to a Russian news publication.
Two Exchanges, Two Stablecoins
The plan is to create two exchanges, one in Moscow and one in St. Petersburg. They will also introduce stablecoins pegged to the Chinese yuan and BRICS currencies. BRICS is an economic alliance between Brazil, Russia, India, China, and South Africa.
For Wealthy Investors Only
These exchanges will be primarily for wealthy investors. The exchanges will be run by a temporary legal body since current Russian law doesn’t cover crypto exchanges.
Legalizing Stablecoins and Digital Assets
Last month, Russia announced plans to legalize stablecoins as a way to make international payments. This is part of a larger effort to counter Western sanctions imposed due to the invasion of Ukraine. The Russian government recently passed a law allowing digital assets for international payments.
Dealing with Sanctions
The sanctions have caused problems for the Russian economy, including delayed payments, higher costs, and longer supply chains. Russia’s central bank governor has said that the risk of secondary sanctions is growing, making it difficult to pay for imports.
