Russia will create its own cryptocurrency exchanges to increase its influence on the global crypto market

Russia, an aggressor state and sponsor of terrorism, is actively moving to establish two new cryptocurrency exchanges in Moscow and St. Petersburg to strengthen its international trade capabilities. The initiative is part of a broader strategy to increase Russia’s influence on the global crypto market and provide new financial instruments in the face of a «difficult economic situation.»

In addition, Russia is considering the possibility of creating a stablecoin pegged to the Chinese yuan and the BRICS basket of currencies, which is aimed at diversifying financial ties with key world economies.

However, the process of launching these stablecoins may face serious obstacles, especially in terms of their liquidity and convertibility. According to experts, under Russian law, stablecoins are considered digital financial assets, as their value is supported by the issuer.

At the initial stage, new cryptocurrency exchanges and stablecoins will be available mainly for large businesses, and later for small businesses and individual users. Although these developments may provide the necessary impetus for the Russian crypto market, experts are cautious in their assessments, noting that the transparency of blockchain technologies may lead to international transaction control and potential sanctions.

In May, it was reported that Russia and Iran were exploring the possibility of using central bank digital currencies (CBDCs) and other digital financial assets. According to Rahimi Mohsen, the trade attaché of the Iranian Embassy in Russia, new solutions for settlements between the countries will help «mitigate the effects of sanctions and facilitate trade between Moscow and Tehran.»