According to reports, Russia is preparing to introduce its own stablecoins and crypto exchange platforms.
Russia is preparing to establish at least two crypto exchanges, one in Moscow and the other in St. Petersburg, as well as stablecoins that are linked to the Chinese yuan and BRICS currencies, according to a recent article published by the local news publication Kommersant.
BRICS, an economic alliance comprising Brazil, India, China, and South Africa, includes Russia. The report further states that the exchanges, which will be primarily reserved for affluent investors, will be operated by a provisional legal body, as the nation’s current laws do not specify the operation of crypto exchanges.
According to recent reports, Russia intended to permit the use of fiat-pegged assets as a method of conducting international transactions. Alexei Guznov, the Deputy Chairman of Russia’s Central Bank, stated at the time that Russia has been contemplating the legalization of stablecoins since 2023.
A few weeks ago, the Russian government enacted a bill that authorized the use of digital assets as foreign payments as a strategy to mitigate the sanctions imposed by the West on the country as a result of its invasion of Ukraine.
Elvira Nabiullina, the Governor of the Russian Central Bank, has stated that the sanctions have resulted in economic challenges in Russia, including extended supply chains, increased costs, and delayed payments.
“The dangers associated with secondary sanctions have increased. They complicate the payment process for imports, which affects a diverse array of products.”
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