Russia plans to launch two cryptocurrency exchanges, primarily aimed at supporting its foreign economic activities. These platforms will focus on stablecoins backed by BRICS currencies, including the yuan, as part of a broader strategy to de-dollarize international transactions.
Russian government may soon launch exchange platforms to accelerate BRICS de-dollarization
For several years, a global trend towards de-dollarization has been emerging. This movement is motivated by the desire to reduce the economic and political influence of the United States, to limit the risks associated with dollar fluctuations, and to circumvent Western sanctions.
Russia has established itself as one of the most influential players in this de-dollarization, followed by many emerging countries, particularly within the BRICS.
🌍 For further information – What is de-dollarization? Understanding this phenomenon that the United States fears
In this context, Russian media outlet Kommersant recently revealed that Vladimir Putin's government is considering creating two cryptocurrency exchanges. to support Russia's economic activities abroad.
One of these platforms would rely on the infrastructure, systems and database of the St. Petersburg Stock Exchange (SPCE). The second would be established in Moscow, although no details have yet been provided regarding the use of the Moscow Exchange's infrastructure.
According to Kommersant, These platforms would initially be reserved for Russian companies engaged in foreign trade for a test period..
Recently, Russia has also been getting closer to El Salvador, which may soon start using Bitcoin for its transactions with Moscow. In an interview, a Russian diplomat revealed that El Salvador had proposed using Bitcoin for transactions with Russia, due to restrictions on the use of the dollar.
These two events bear witness to Russia's desire to definitively free itself from the influence exercised by the United States throughout the worldand to turn to Bitcoin and cryptocurrencies to achieve this.
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Stablecoins, an alternative to the dollar
In this context, Kommersant media reveals that these two exchange platforms, created by the Russian government, will also have the mission of developing stablecoins. indexed to the Chinese yuan and a basket of currencies managed by the BRICS.
These exchanges and stablecoins could play a crucial role for BRICS governments, which have repeatedly expressed in recent months their intention to reduce the use of the dollar in international transactions in favor of their local currencies.
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The move reflects the progress of de-dollarization. In 12 months, Russia and India have created a joint “digital economy,” Iran has applied to join BRICS+ payment systems, and ASEAN and the United Arab Emirates have tested payments in local and digital currencies.
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Source: Kommersant
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