Wu said that according to Russian media kommersant, sources revealed that Russia plans to create at least two cryptocurrency exchanges, one of which is planned to be based on the infrastructure of the St. Petersburg Currency Exchange and focus on foreign economic and trade activities; the other is planned to be established in Moscow, but it has not yet been decided whether it will be based on the Moscow Exchange or independently created under an experimental legal framework. The main idea at present is to create stablecoins pegged to the RMB and the BRICS currency basket. However, given the legal nature of stablecoins, they face certain challenges in terms of their technical feasibility on the Russian blockchain and their liquidity, convertibility and asset support. Existing Russian law has not yet made clear provisions for the operation of cryptocurrency exchanges, so the regulatory framework applicable to these potential exchanges is the newly adopted experimental legal system. During the testing phase, the exchange will be open only to a small number of users, and may then be gradually opened to large exporters and importers. Experts warn that the transparency of blockchain may lead to the leakage of transaction information and be included in the sanctions list.