Two new crypto exchanges are planned to be established in Russia, in Moscow and St. Petersburg.
The purpose of these exchanges is stated to be to support foreign economic activities (VEB). Legal experts predict that these exchanges will probably be established within the framework of an experimental legal regime.
Experts say that initially, access to these exchanges will be given primarily to large companies, but the functionality of the project may be limited due to sanction risks.
Two stock exchanges will be established
According to Kommersant, at least two crypto exchanges are planned to be established in Russia. It was stated that the infrastructure of the St. Petersburg Monetary Exchange (SPVB) will be used for VEB.
It was reported that a second platform is planned to be created in Moscow, but it has not yet been decided whether this platform will be on the Moscow Exchange (MOEX) infrastructure or an independent structure.
In the experimental phase, it is thought that these exchanges will initially be used by a limited number of users and later by large exporters and importers, i.e. “subsidiaries” of large companies and business circles. However, it is stated that it is unlikely that small and medium-sized businesses and individuals will have access to these platforms at the beginning.
New tokens will be created
Plans include creating stablecoins based on a basket of BRICS currencies, as well as stablecoins based on the Chinese Yuan.
According to BitRiver Communications Manager Oleg Ogienko, the legal status of stablecoins as cryptocurrencies could create difficulties for Russian blockchain technology, both technologically and in terms of liquidity.
Ogienko also noted that stablecoins can be considered digital financial assets due to the existence of a central issuing authority and a responsible party under Russian law.
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