- Russia launches two crypto exchanges in St. Petersburg and Moscow.
- The exchanges focus on supporting foreign economic activity (FEA).
- The country has taken the initiative to expand its crypto market.
Russia is gearing up to launch two crypto exchanges aimed at facilitating foreign economic activity (FEA). Reports indicate these exchanges will be established in St. Petersburg and Moscow under a special legal framework. The first exchange will leverage the St. Petersburg Currency Exchange (SPCE), but it is uncertain if the second will operate under the Moscow Exchange.
The country’s plan to launch the platforms are acknowledged by the crypto community as an optimistic development. While the crypto community sees this as a positive step, industry experts worry about potential limitations and risks, particularly concerning international sanctions.
Sources suggest this move connects to Russia’s plans to create stablecoins for the yuan and the BRICS currency basket, aiming to strengthen economic ties among BRICS nations (Brazil, Russia, India, China, and South Africa).
Alexey Guznov, Deputy Chairman of the Bank of Russia previously stated that the country has already proposed enabling stablecoins in international settlements. However, Guznov expressed certain concerns regarding some technical issues in regulating the storage and usage of cryptocurrencies.
In July 2024, Russian lawmakers passed a bill to allow the use of cryptocurrencies in international payments. The law is expected to come into effect in September. The move primarily focuses on international business payments, as the country has faced significant delays in cross-border payments with major trading partners, including China, India, and the UAE. The country sees the development as a “historic decision in the financial sphere.”
Another significant development in the Russian financial economy in 2024 is the Finance Ministry’s proposal to allow traditional exchanges to handle crypto trading for select investors.
These moves demonstrate Russia’s enthusiasm for adopting new crypto-friendly strategies and expanding the crypto markets.
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