Russia will establish at least two cryptocurrency exchanges and launch new tokens - Coin Bulletin

Two new cryptocurrency exchanges are planned to be established in Moscow and St. Petersburg, Russia.

These exchanges are said to aim to support external economic activities (VEB). Legal experts predict that these exchanges will probably be created within an experimental legal regime framework.

Experts say that initially access to these exchanges will be primarily given to large companies, but the functionality of the project may be limited due to sanction risks.

Two exchanges will be established

According to Kommersant, at least two crypto exchanges are planned to be established in Russia. It was mentioned that the infrastructure of St. Petersburg Currency Exchange (SPVB) will be used for VEB.

It has been reported that a second platform is planned to be created in Moscow, but it has not yet been decided whether this platform will be on the Moscow Exchange (MOEX) infrastructure or in an independent structure.

In the experimental stage, it is expected that these exchanges will first be used by a limited user base and then by large exporters and importers, i.e. the 'subsidiaries' and business circles of large companies. However, it is noted that it is not initially likely for small and medium-sized businesses and individuals to have access to these platforms.

New tokens will be created

Among the plans is the creation of stablecoins based on the BRICS currency basket, as well as stablecoins based on the Chinese Yuan.

According to BitRiver's Communications Director Oleg Ogienko, the legal status of stablecoins being recognized as cryptocurrency could create challenges for both technological and liquidity provision aspects of the Russian blockchain technology.

Ogienko also noted that stablecoins can be considered as digital financial assets according to Russian laws, due to the presence of an issuing center and a responsible party.