Russia plans to establish two cryptocurrency exchanges, one based in Moscow and the other in St. Petersburg. These exchanges are designed to support foreign trade (Vneshneekonomicheskaya Deyatelnost or VED) under sanctions pressure.
One of the venues for hosting the exchange will be the St. Petersburg Currency Exchange (SPVB). For the second exchange, options are being considered to use the Moscow Exchange (Mosbirzha) or to create a separate platform within the framework of the experimental legal regime.
The main focus of these exchanges will be on issuing stablecoins — cryptocurrencies pegged to the yuan and the currency basket of the BRICS countries. Stablecoins are backed by real assets, which makes them stable and convenient for international settlements, especially in the context of Russia's limited access to traditional financial systems.S
Initially, it is assumed that these exchanges will be used by large exporting and importing companies. Access for small and medium-sized businesses, as well as individuals, will likely be limited. The exchanges will operate in an experimental mode, which will allow regulators to flexibly adapt their activities in accordance with market requirements.
Read more on the topic:
Central Bank and Ministry of Finance of the Russian Federation Agreed on Positions on Cryptocurrency
Cryptocurrency in Russia is Subject to Division Upon Divorce
State Duma разрешила cross-border settlements and exchange trading in digital currency
