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Russia is making a bold move in the world of cryptocurrency by planning to launch two state-backed crypto exchanges and a stablecoin tied to the Chinese Yuan. The exchanges will be based in Moscow and St. Petersburg, leveraging the existing infrastructure of major financial centers. The Moscow-based exchange is still under consideration for development either as a new entity or on the foundation of The Moscow Exchange (MOEX), while the St. Petersburg exchange will utilize the St. Petersburg Currency Exchange (SPCEX) framework, according to <a href="https://thecryptobasic.com/2024/08/23/russia-plans-to-launch-stablecoin-and-two-crypto-exchanges/">Thecryptobasic.com</a>. 
Both exchanges will focus on developing a stablecoin backed by the Chinese Yuan and the BRICS currency basket. This stablecoin will be issued at a 1:1 ratio, ensuring price stability and supporting foreign economic activity. The move is part of Russia's ongoing efforts to circumvent global sanctions, especially those from the United States that have restricted access to the SWIFT interbank messaging system. 
By creating these new exchanges and a Yuan-backed stablecoin, Russia aims to maintain its economic stability and strengthen ties with BRICS nations—Brazil, Russia, India, <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/">China</a>, and South Africa. These countries have been moving away from using the U.S. dollar in trade settlements, and the new stablecoin could further facilitate digital payments among them. However, experts warn that the project could face significant challenges, including potential international sanctions. 
Russia’s pivot towards blockchain and cryptocurrencies has been evident in recent times, highlighted by President Vladimir Putin’s recent signing of a law that legalizes crypto mining in the country. The law acknowledges crypto mining as a legitimate business activity, though it requires legal entities to register with the government to mine digital assets. Individual miners are exempt if they operate within certain energy consumption limits.

Russia to Launch State-Backed Crypto Exchanges

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