Russia is preparing to launch two state-supported cryptocurrency exchanges and a Chinese yuan-backed stablecoin, according to local media reports. The exchanges will operate in Moscow and St. Petersburg, marking a significant step in the country's digital asset strategy.
Key Features of the New Crypto Exchanges
Locations:
- Moscow-based exchange (structure undecided: standalone or under MOEX).
- St. Petersburg exchange (using SPCEX infrastructure).
- Stablecoin Development:
Both exchanges will collaborate to issue a stablecoin pegged 1:1 to the Chinese yuan and BRICS currency basket, ensuring price stability for trade settlements.
Motivations Behind the Initiative
- Sanction Circumvention:
Russia aims to bypass SWIFT restrictions imposed by the U.S. and other Western nations. - BRICS Economic Integration:
The stablecoin and exchanges are designed to facilitate digital payments among BRICS nations (Brazil, Russia, India, China, South Africa), reducing reliance on the U.S. dollar. - Domestic Crypto Legalization:
Recent legislation signed by President Vladimir Putin legalized cryptocurrency mining, requiring business registration (except for small-scale miners within energy limits).
Challenges and Limitations
Experts warn that international sanctions could hinder the project's success, particularly in gaining global adoption for the stablecoin.
FAQ Section
Q1: Why is Russia launching a yuan-backed stablecoin?
A1: To stabilize trade with China and BRICS partners while avoiding USD-dominated systems.
Q2: How will the crypto exchanges operate?
A2: Under an "experimental framework" supporting foreign trade via digital payments.
Q3: Is cryptocurrency mining legal in Russia?
A3: Yes, mining was recently legalized but requires registration for commercial operations.
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