Russia Considers Creating Crypto Exchanges to Boost Foreign Trade

The Russian Federation plans to create at least two new crypto exchange platforms on its territory. According to sources close to the matter, one of them is based on the existing infrastructure of the Saint Petersburg Exchange (SPVB), while the other is set up in Moscow, potentially within the Moscow Exchange or as a separate entity.

Russia is planning to launch two new cryptocurrency exchange platforms in Moscow and Saint Petersburg to support the country's foreign economic activity and strengthen its financial resilience amid Western sanctions, according to sources close to the matter.

One of the platforms will reportedly be created on the existing infrastructure of the Saint Petersburg Exchange (SPVB), while the other will be established in Moscow, potentially within the Moscow Exchange or as a separate entity, the sources said.

These initiatives are being undertaken within an experimental legal framework, reflecting the Russian government's willingness to explore innovative solutions to maintain its international trade exchanges. This flexible approach will allow the platforms to quickly adapt to market developments and geopolitical constraints.

Initially, access to the platforms will be limited to "blue chips" - the most solid and well-established Russian companies - in order to minimize risks and ensure a controlled launch.

The initiative is part of a broader strategy undertaken by Russia to circumvent financial restrictions imposed by the West, which include a ban on several Russian banks from the SWIFT international payment system and limits on the country's central bank transactions.

As Chinese banks are reportedly showing reluctance for yuan transactions with Russia, cryptocurrencies appear to be a promising alternative to maintain commercial exchanges.

These platforms could offer a solution for Russian companies facing difficulties in carrying out international transactions through traditional banking channels. They would also allow diversifying payment options and reducing dependence on foreign currencies controlled by Western countries.

Meanwhile, Russia is not completely abandoning traditional currencies. Despite export bans, the country reportedly managed to discreetly accumulate 2.3 billion US dollars in cash.