Russia is reportedly making plans to launch its very own crypto exchange platforms and stablecoins.
According to a new article by local news publication Kommersant, Russia is planning on creating at least two crypto exchanges – one based in Moscow and another in St. Petersburg – as well as stablecoins pegged to the Chinese yuan and BRICS currencies.
Russia is part of an economic alliance with Brazil, India, China, and South Africa known as BRICS.
The report goes on to say that the exchanges – which will be mainly reserved for wealthy investors – would be run by a preliminary legal body as the nation’s current laws do not address how to operate crypto exchanges.
Last month, it was reported that Russia planned on legalizing fiat-pegged assets as a means of making international payments. At the time, Alexei Guznov, the Deputy Chairman of Russia’s Central Bank, said that Russia has been planning on legalizing stablecoins since 2023.
Weeks ago, the Russian government passed a bill that permitted the use of digital assets as international payments as a means of countering Western sanctions placed on the nation due to its invasion of Ukraine.
According to Russian Central Bank Governor Elvira Nabiullina, the sanctions have caused issues within Russia’s economy, such as delayed payments, increased costs, and longer supply chains.
“The risks of secondary sanctions have grown. They make payments for imports difficult, and that concerns a wide range of goods.”