As a seasoned crypto investor with roots deeply entrenched in the global financial landscape, I find Russia’s strategic move towards establishing domestic crypto exchanges intriguing and potentially game-changing. Having navigated through various market cycles and geopolitical shifts, I can attest to the resilience and adaptability of the crypto industry.
Russia plans to debut two fresh cryptocurrency trading platforms, one in Saint Petersburg and the other in Moscow, prioritizing the growth of stablecoin technology.
Due to ongoing financial sanctions affecting Russia, the nation is looking to launch at least two local cryptocurrency exchanges. One of these may leverage the infrastructure of the St. Petersburg International Mercantile Exchange, while another will likely be established in Moscow, although specific details about its structure are still under discussion, according to Russian newspaper Kommersant, quoting sources close to the situation.
1. A cryptocurrency platform based in Moscow might choose to link with the Stock Exchange in Moscow or run under a novel legal framework designed for experimentation. Regardless of their approach, these platforms aim more towards creating stablecoins than simply providing a platform for crypto trading. For instance, they’re focusing on developing stablecoins backed by the Chinese yuan and a mix of BRICS currencies.
Up to now, the cryptocurrency sector in Russia is governed by a local law known as “On Digital Financial Assets.” While this law sets up a framework for digital financial assets, it does not offer detailed instructions specifically for crypto exchanges. Consequently, newly established crypto exchanges will initially function under a trial basis within the experimental legal system, according to an official statement.
As a researcher, upon approval, I anticipate these exchanges to start with a small user group initially, eventually growing to encompass key exporting and importing entities as well as associated businesses. Insiders have shared this roadmap with me.
Russia advances crypto exchanges amid regulatory talks
Discussions regarding the creation of cryptocurrency trading platforms continue between Russia’s Finance Ministry and its central bank, with Finance Minister Anton Siluanov stating that a definitive decision has yet to be reached, as negotiations remain ongoing.
Crypto mining has been made legal following a new law signed by President Vladimir Putin in early August, which aims to establish a regulatory structure for the production and distribution of cryptocurrencies.
Last month, it was reported on crypto.news that Russian legislators are considering the creation of digital assets backed by gold, which would be overseen by the central bank. This potential move is being proposed as a means to address ongoing difficulties in international transactions.
Discussions among high-ranking government officials and prominent bank leaders suggest that Russia might be considering this method to offer companies a reliable system for cross-border transactions. Yet, it appears that this plan hasn’t advanced to the development phase within the government as of now.
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2024-08-23 11:02