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Russia Mulls BRICS Stablecoin Amid Plans to Launch Two Crypto Exchanges

DailyCoinDailyCoin2024/08/23 16:24
By:DailyCoin
  • Russia has reportedly shown interest in launching two crypto exchanges.
  • The exchanges will be based in two leading cities in the federation.
  • Plans for a BRICS stablecoin are also reportedly underway.

Russia is reportedly taking huge steps to bolster its digital asset landscape with new platforms to support foreign economic activities.

On August 23, a local media outlet reported that Russia is keen on launching two crypto exchanges as it explores new ideas related to the creation of a stablecoin pegged to the Chinese yuan (RMB) and the BRICS currency basket.

Inside Russia’s Plan for Crypto

Per the report , Russia plans to set up one of the exchanges in St. Petersburg, where it will likely leverage the St. Petersburg Currency Exchange (SPCE) database to facilitate foreign economic activity.

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Citing “two Kommersant sources,” the report said the second trading platform might be set up in Moscow, but it’s not yet decided whether it would be created based on the Moscow Exchange or separately within the framework of an experimental legal regime.

While the development is a step forward toward legalizing digital assets in the country, with the report noting that blue chips would be the first to gain access to the crypto exchanges, experts believe the project’s functionality may be limited due to sanction risks.

Additionally, BitRiver CEO Oleg Ogienko expressed concerns about how the deployment of the new BRICS stablecoin via the newly launched crypto exchanges would present several challenges. The CEO said stablecoins’ inherent “cryptocurrency nature” due to their legal status would complicate their compatibility, liquidity, and security, hindering their adoption in Russia.

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Read how Russia turned to crypto to circumvent U.S. sanctions:
Russia Turns to Crypto to Circumvent US Sanctions

Stay updated on when Russia will roll out mass digital ruble production:
Russia Eyes Mass Digital Ruble Production by July Next Year

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