Ripple’s lawsuit outcome may shape Russia’s crypto exchanges and digital finance future.
Russia’s new exchanges will focus on stablecoins tied to the yuan and BRICS basket.
Regulatory risks and evolving laws may impact Russia’s crypto sector development.
Russia’s future in the cryptocurrency realm could hinge significantly on the outcome of Ripple’s ongoing legal battles. The nation is poised to launch two new cryptocurrency exchanges, one in Moscow and another in St. Petersburg. This initiative, aimed at boosting Russia’s foreign economic activity (FEA), is anticipated to provide a novel platform for digital transactions, as reported by Kommersant.
Initially, these exchanges will function in a “test mode” with a limited group of users, according to Mikhail Uspensky, a member of the State Duma’s legislative regulation committee for cryptocurrencies.
The new exchanges are expected to eventually cater mainly to large exporters and importers. While this move is likely to enhance Russia’s digital transaction capabilities, access for small and medium-sized businesses, as well as individuals, may be limited initially.
The focus will be on creating stabl…
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