- Previously, reports claimed that Russia is opening new crypto exchanges in St. Petersburg and Moscow.
- Recent reports reveal that Russia’s proposal only focuses on enhancing its money and stock markets.
- While the community was optimistic about Russia’s crypto expansion, recent reports sparked concerns.
The crypto community was lit up last week with talk of Russia possibly launching two crypto exchanges. However, the latest report contradicts this, stating Russia is not planning to expand its crypto markets. Instead, Russia’s development strategy seems focused on improving its traditional money and stock markets.
Reports last week had highlighted Russia’s initiative to boost foreign economic activity (FEA) through crypto exchanges. They also claimed the country planned to open two crypto exchanges in St. Petersburg and Moscow as part of this FEA move. The first exchange was said to be under the St. Petersburg Currency Exchange (SPCE), but details about the second were unclear.
Moreover, Russia’s proposal was reportedly linked to its plan to launch stablecoins for the yuan and the BRICS currency basket. This was seen as a way to strengthen economic ties between the BRICS nations (Brazil, Russia, India, China, and South Africa).
Speculation about Russia’s crypto plans grew due to earlier actions that showed the country’s interest in the crypto market. Bank of Russia Deputy Chairman Alexey Guznov had previously hinted at Russia’s efforts to enable stablecoins in international payments. Also, Russian lawmakers passed a bill in July 2024 to introduce cryptocurrencies in international payments, which is set to take effect in September.
The crypto community saw the potential launch of new crypto exchanges in Russia as part of the country’s efforts to build its crypto economy. While many welcomed it as a positive step, others raised concerns about the potential risks.
However, the latest update has cast doubt on Russia’s crypto market expansion. Although multiple media outlets revealed that the country’s approved proposal focuses only on products and services related to fiat and stock markets, and not on cryptocurrencies, the truth remains uncertain.
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