Russia plans to launch two cryptocurrency exchanges in Moscow and St. Petersburg to boost foreign economic activity, according to recent news. The exchanges aim to develop stablecoins pegged to the Chinese yuan and the BRICS currency basket, which includes Brazil, Russia, India, China and South Africa. The move is aimed at encouraging economic cooperation among BRICS members.

However, the deployment of BRICS stablecoins through new exchanges will face many challenges. Key issues include liquidity and user adoption, due to concerns that assets could be frozen due to economic sanctions. This could discourage users from trading these tokens.

The exchanges are planned to be rolled out gradually in stages. Initially, access will be limited to a select group of users, including large import-export companies. This shows that Russia is considering a cautious approach to ensure the sustainability and stability of these activities in the future.

by: thuancapital

#Moscow #petersburg #Stable coin #BRICS