Last week Russian news outlet Kommersant reported on the planned creation of two cryptocurrency exchanges for foreign payments to circumvent sanctions, citing sources. The aim is to create stablecoins for the Chinese yuan and a BRICS currency basket. It’s expected that initially individuals won’t be able to take part, given the goal is to support importers and exporters.
Russia passed legislation in late July allowing cryptocurrency exchanges to operate as part of cryptocurrency experimental legal regime (ELR) under a program developed by the central bank.
The use of stablecoins rather than un-backed cryptocurrencies makes sense given the central bank’s role.
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