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Russia plans to establish two cryptocurrency exchanges and launch stablecoins anchored in the Chines

According to the Russian media Kommersant citing informed sources, Russia may plan to create two cryptocurrency exchanges to support foreign economic activities, which will operate in Moscow and St. Petersburg respectively.

The insider explained that the main focus of these exchanges is related to the creation of stable currencies. It is said that the Russian government is considering developing stable currencies linked to the Chinese renminbi and a basket of BRICS currencies.

According to informed sources, at least two exchanges are planned to be established in the Russian Federation, one of which is to utilize the infrastructure of the St. Petersburg Currency Exchange (SPVB) for foreign trade. However, SPVB has issued a statement stating that this news is not true, and the approved development strategy focuses on developing its own products and services in the currency and stock markets, and does not imply the provision of any cryptocurrency related services.