Russia has taken significant steps to enhance its cryptocurrency landscape in recent quarters.
The yet-to-be-launched Russian crypto exchanges will be based in Moscow and St. Petersburg.
In the first week of August 2024, legislation in Russia legalized Bitcoin and crypto mining.
According to recent information, Russia intends to establish two new cryptocurrency exchanges in Moscow and St. Petersburg to facilitate foreign trade.
Although these exchanges will function under special legal conditions, professionals worry about possible limitations due to international sanctions and regulatory challenges.
As per Kommersant, Russian authorities are set to inaugurate two cryptocurrency exchanges to facilitate international trade.
The yet-to-be-launched exchanges will likely be set up in Moscow and St. Petersburg, with the latter using the existing St. Petersburg Currency Exchange infrastructure.
Russia’s objectives for the Moscow cryptocurrency exchange are still evolving, with two possible paths under consideration: either incorporating it with the current Moscow Exchange or setting it as an independent entity serving under specialized legal regulations.
The preliminary goal of inaugurating these exchanges is to enhance nations’ dominance in the global cryptocurrency market.
Additionally, the nation intends to launch a stablecoin pegged to the Chinese yuan (RMB) and the BRICS currency basket to expand financial ties with key economies and diversify its cryptocurrency offerings.
Related News
In the first week of August 2024, Russia announced the legalization of Bitcoin and cryptocurrency mining in the nation. The move to legalize cryptocurrencies and related products is appreciated by the growing dominance of U.S. dollars in international trade.
The law legalizing digital assets and mining activity was approved after it was signed by the President of Russia, Vladimir Putin. As per available information, the new regulation will come into the act in November 2024.
Since the beginning of 2024, several nations announced their intention to launch stablecoins to reduce their reliance on the traditional currency of the United States.
Crypto Market Price Overview
When writing, the cryptocurrency market capitalization was $2.17 Trillion with an intraday growth of 2.51%. TradingView data states that the market cap has added 102% in the past 52 weeks.
Bitcoin prices are falling to sustain above $62k; as of writing, it was trading at $61,006 with a monthly decline of 7.73%. However, the market cap of BTC grew significantly following the approval of spot ETFs.
AVAX token price grew 11.28% in the past 24 hours, reaching $26.01; as per claims, the surge in the price is fueled by the launch of Avalanche Investment Fund by Grayscale.
Bittensor (TAO) prices have recorded the highest surge intraday; in the past seven days, it grew over 24%, reaching $340.
CatDog (CATDOG) lost 54.45% of its trading price, followed by LandWolf (WOLF) at 42.03%, Neiro Ethereum at 30%, GigaChad (GIGA) at 35%, and DUKO (DUKO) at 27% simultaneously.
