Russia Launches Global Crypto Exchange in Moscow and St. Petersburg St. Petersburg

Bittime - Russia recently announced ambitious plans to establish two crypto exchanges that will be located in Moscow and St. Petersburg. St. Petersburg. 

This move was announced on August 23, 2024 and aims to strengthen Russia's position in international trade by leveraging blockchain technology. 

These crypto exchanges are designed as major hubs for global transactions, allowing large companies to conduct cross-border trades more efficiently.

With this exchange, Russia hopes to improve international market access amidst the challenges of existing economic sanctions.

Initial Focus on Large Companies

According to Mikhail Uspensky, a member of the State Duma legislative committee that oversees crypto regulation, the exchange will start its operations with limited access. 

In the initial stages, only a select number of users, mainly large companies such as exporters and importers, will be allowed to use the exchange. 

This is done to ensure the system can run smoothly before being expanded to a wider audience. Although there are plans to open access to small and medium-sized businesses and individuals at a later date, immediate access at an early stage is unlikely to be available to these groups.

Stablecoin Issuance to Strengthen Trade

As part of this initiative, Russia also plans to launch stablecoins linked to the Chinese yuan and the BRICS basket of currencies. BRICS itself is a group of countries consisting of Brazil, Russia, India, China, South Africa and several other countries that have common economic interests. This stablecoin is expected to reduce dependence on the US dollar and strengthen trade relations between BRICS member countries.

Russia's Crypto Strategy Changes Amid Sanctions

This move shows how Russia has significantly changed its crypto strategy, especially after facing economic sanctions related to the conflict in Ukraine. 

While the country was initially cautious about the crypto industry, Russia is now making great progress in its adoption of this technology. 

Recently, the State Duma has passed a law allowing Bitcoin mining and is considering legalizing the use of stablecoins for international transactions. 

In addition, Russia also plans to expand the use of central bank digital currency (CBDC) to support its digital economy.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.