Russia is gearing up to launch two new crypto exchanges, one in St. Petersburg and another in Moscow, aimed at fostering stablecoin development amid ongoing financial sanctions. These platforms, speculated to utilize existing infrastructure like the St. Petersburg International Mercantile Exchange, will initially focus on stablecoins tied to the Chinese yuan and a BRICS currency basket.

The Moscow exchange could potentially integrate with the city’s stock exchange or emerge under a new experimental legal regime. The move aligns with recent legislative advancements, including a law signed by President Vladimir Putin to legalize crypto mining, setting the stage for a broader embrace of digital currencies.

With a pilot phase targeting major exporters and importers, these exchanges mark a strategic pivot in Russia’s approach to cryptocurrency, as the nation seeks to mitigate the impact of international sanctions and enhance its global trade capabilities.

Reports