According to the Russian news organisation Kommersant, Russia is planning the establishment of two cryptocurrency exchanges for foreign payments in order to circumvent sanctions. The aim of this step is to create stable currencies for the Chinese yuan and the BRICS currency basket. It is estimated that individuals will not initially be involved in this practice to support importers and exporters.
Russia adopted legislation at the end of July allowing cryptocurrency exchanges to operate as part of the cryptocurrency experimental legal regime (ELR) under a programme developed by the central bank.
Given the role of the central bank, it makes sense to use stablecoins instead of unsupported cryptocurrencies, but it is stated that Russia will take such a step due to the conditions.
Bloomberg also announced that preliminary tests will begin this week, citing its sources. These trials will use the National Payment Card System to exchange rubles for any cryptocurrency using an existing crypto exchange. The use of the card system gives the central bank oversight powers. The outcome of these preliminary tests will determine the steps for the potential creation of crypto exchanges next year.
Russia aims to evade Western sanctions with cryptocurrencies and digital assets
