Russia Plans to Establish 2 Crypto Exchanges in Moscow and St. Petersburg

Bittime - Russia plans to set up two crypto exchanges in two major cities, Moscow and St. Petersburg. Petersburg, aimed at supporting Russia's foreign economic activity. Read this article to find out more!

Crypto Exchanges in Two Big Cities of Russia

The crypto exchange, which is planned to be built in the two largest and most influential cities in Russia, aims to support foreign economic activities, which include international transactions and cross-border trade. 

By using crypto, Russia hopes to reduce dependence on the international financial system which is currently dominated by the US dollar and the Western banking system.

The first crypto exchange is planned to use infrastructure from St. Petersburg. Petersburg Foreign Exchange Exchange (SPVB). SPVB is an exchange that already has experience in handling international transactions, and this infrastructure is considered suitable to support the operations of a new crypto exchange. 

Meanwhile, a second exchange will be built in Moscow. However, until now there has been no final decision whether the exchange in Moscow will use the Moscow Exchange infrastructure or will be built separately using an experimental legal framework.

Read Also: Russia Considers Using Stablecoins for International Payments

Russian Law

Legal experts in Russia state that these crypto exchanges will most likely be established under an experimental legal regime. This is often used by Russia to trial new innovations in a limited legal environment before being implemented nationally. 

That way, risks that may arise due to international sanctions can be better managed, while the benefits of new technology can be tested on a smaller and more controlled scale.

According to some sources, access to this exchange will likely be given first to Russian "blue chip" companies, namely large companies that have stability and good financial performance.  

The Impact of the Establishment of Crypto Exchanges on the Russian Economy

If this plan is successful, crypto exchanges in Moscow and St. Petersburg could have a significant impact on the Russian economy. First, the exchange could provide an alternative for Russian companies to conduct international transactions without having to go through the traditional banking system which is affected by sanctions.  

Second, this crypto exchange can also encourage innovation in the financial technology sector in Russia. With government support and an experimental legal framework, technology companies in Russia may be more emboldened to develop new products and services in the crypto sector.  

Read Also: Russia Legalizes Bitcoin Mining and International Trading Using Crypto 

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. over 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 asset purchase at Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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