Russia is planning to launch two new crypto exchanges in Moscow and St. Petersburg to support foreign trade.
New Crypto Exchanges for Trade
According to the source 'Kommersant', Russian authorities are considering setting up two crypto exchanges to assist with international trade. One exchange will use the existing St. Petersburg Currency Exchange, while the other is planned for Moscow.
Details and Implications
The exchanges will operate under an experimental legal regime, allowing Russia to test and refine its approach to cryptocurrency regulation. Initially, these platforms will likely be accessible only to large businesses and key economic players, with smaller businesses and individuals gaining access at a later stage. In addition to the exchanges, Russia plans to introduce a stablecoin linked to the Chinese yuan and the BRICS currency basket. This move is part of a broader strategy to strengthen Russia’s financial connections with key global economies and diversify its cryptocurrency offerings. However, creating this stablecoin could be challenging due to issues with its convertibility and liquidity.
Potential Risks and Concerns
Experts warn that while these developments could boost Russia’s crypto market, there are risks involved. The transparency of blockchain technology could expose transactions to international scrutiny, potentially leading to sanctions or restrictions. Nikita Vassev, founder of TerraCrypto, believes most users will prefer established international platforms over these new domestic ones unless they have no other options. He also indicated that trust in these new exchanges might be low due to their centralized nature.
The launch of new crypto exchanges and the introduction of a stablecoin aim to strengthen Russia's position in the global crypto sphere. However, this step comes with significant challenges and risks that require careful analysis and a cautious approach.
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