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Russia is reportedly contemplating the establishment of at least two cryptocurrency exchanges to facilitate foreign economic activities, as noted in a report by Kommersant.
Kommersant indicates that Russia intends to set up a minimum of two cryptocurrency exchanges, with one aimed at foreign economic and trade operations; the other is expected to be located in Moscow. Furthermore, a stable currency linked to the RMB and the BRICS currency basket will be…
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According to the report, one of the exchanges is set to utilize the St. Petersburg Currency Exchange (SPCE) database for foreign economic activities.
The second exchange is anticipated to be established in Moscow. However, it remains unclear whether it will be based on the Moscow Exchange or operate independently.
Initially, only a limited number of users will access these exchanges in a “test mode,” stated Mikhail Uspensky, a member of the legislative regulation of cryptocurrencies in the State Duma of the Russian Federation. He added that eventually, it will be available to major exporters and importers.
Uspensky expressed that small and medium enterprises, particularly individuals, are unlikely to gain unrestricted access to the exchanges initially.
“It is crucial to reiterate that the framework of the forthcoming experiment is entirely under the control of the regulator,” he remarked.
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Moreover, the cryptocurrency exchanges will concentrate on developing stablecoins linked to the Chinese yuan and the BRICS currency basket overall.
Recently, Russia has been exploring a favorable environment for stablecoins; the Bank of Russia stated in July that it is contemplating the legalization of stablecoins for cross-border transactions.
Additionally, Russian commodities firms have begun utilizing stablecoins for financial transactions with their Chinese counterparts. This shift is a response to international sanctions and increasing compliance measures.
Oleg Ogienko, head of communications at BitRiver, informed Kommersant that stablecoins are classified as digital financial assets under Russian law.
Uspensky further highlighted that the project carries considerable risks. For example, if transaction confidentiality is compromised, transaction details “may end up on sanctions lists.” This could also result in the blocking of transactions involving crypto assets acquired through such domestic exchanges.
“In simple terms, if information becomes public that cryptocurrency was acquired on a Russian exchange, then using specialized technical means, it will be straightforward to trace and label all transactions as suspicious.”
The expert believes that the centralized nature would undermine any trust.
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