In the current international sanctions context, Russia's push for cryptocurrency policies is of significant importance.

Author: Aiying

For a long time, Russia has maintained a conservative attitude towards cryptocurrency. The Russian government and the central bank have generally been concerned about the potential threat of cryptocurrency to financial stability and its use in illegal activities, thus adopting strict regulatory measures. Prior to this, Russia had made several attempts to restrict the domestic use of cryptocurrency and enacted laws prohibiting the circulation of private cryptocurrency domestically.

However, with the escalation of international sanctions, especially after Russia suffered extensive economic sanctions from Western countries due to the Ukraine conflict, Russia has had to reassess its stance on cryptocurrency. These sanctions have had a serious impact on Russia's economy, particularly its international trade, posing significant challenges within the global financial system. Traditional financial payment channels (such as SWIFT) have been restricted, leading to numerous difficulties for Russian companies in international payments.

Against this backdrop, the Russian government has begun considering cryptocurrency as an alternative international payment tool to bypass sanctions and maintain economic activity continuity. On July 30, 2024, the Russian State Duma passed a crucial bill allowing the use of cryptocurrency in cross-border payments. This marks a significant shift in Russia's attitude towards cryptocurrency. Through this bill, Russia not only hopes to address the current payment difficulties but also aims to promote innovation and development in the digital economy. This Aiying has previously analyzed in detail in the article "Russia considers the permanent legalization of stablecoins for cross-border payments to promote a new international trade landscape".

In addition, Russia also plans to find a balance in the parallel development of digital ruble and cryptocurrency. Although the digital ruble remains the officially recognized digital currency, it does not exclude the use of cryptocurrency for cross-border payments as a national policy.

Strategic Deployment of Two Major Cryptocurrency Exchanges in Russia

On August 23, it was reported by the Russian newspaper "Businessman" that the Russian government is actively promoting the establishment of two major cryptocurrency exchanges in Moscow and St. Petersburg. This move is not only to address the financial challenges brought about by international sanctions but also to secure a position in the global digital economy.

According to Aiying's understanding of the Moscow Exchange's plan, the cryptocurrency exchange in Moscow may leverage the existing infrastructure of the Moscow Exchange (MOEX) for expansion and development. As the main financial center in Russia, the Moscow Exchange has rich technical and management experience to effectively support cryptocurrency trading and clearing systems. The primary goal of this new exchange is to promote the application of cryptocurrency in international trade, especially in the current sanction context, providing a feasible solution for cross-border payments. By utilizing the existing resources and network of the Moscow Exchange, this cryptocurrency exchange will be able to quickly establish a strong market position, providing a reliable trading platform for Russia's international trade partners.

Plan for the St. Petersburg Exchange In contrast, the cryptocurrency exchange in St. Petersburg is planned to rely on the infrastructure of the St. Petersburg Currency Exchange (SPCE). St. Petersburg, as another important financial center in Russia, particularly holds strategic significance in foreign trade. SPCE has accumulated rich experience in handling commodity and foreign exchange transactions, making it an ideal platform to support cryptocurrency trading. The main function of this exchange will be to provide new financial instruments for Russia's foreign trade activities, helping businesses overcome payment obstacles brought about by sanctions and continue effective trade with international markets. By leveraging SPCE's mature platform, the cryptocurrency exchange in St. Petersburg will be able to offer more flexible and diverse payment options for Russia's foreign trade enterprises.

According to Aiying's communication with enterprises, a major obstacle in the settlement process currently lies in how trade enterprises can reasonably and legally purchase stablecoins. The emergence of exchanges at this time may be a result of market demand and development needs. A previous article mentioned in "[Cryptocurrency Payments] Russia to allow the use of virtual currency for cross-border transactions from September: Analysis"

Strategic Planning and Implementation of RMB-Pegged BRICS Stablecoin

The two cryptocurrency exchanges planned by Russia are not only aimed at addressing current international economic sanctions but also bear the important mission of promoting economic cooperation among BRICS countries. According to Aiying's understanding, a core goal of these two exchanges is to promote the creation and use of a stablecoin pegged to the RMB within BRICS. The launch of the BRICS stablecoin is seen as a crucial step in strengthening economic ties among BRICS countries (including Brazil, Russia, India, China, and South Africa) and reducing reliance on the US dollar.

Role of Stablecoin The BRICS stablecoin will be a digital currency pegged to the RMB, designed to serve as a tool for trade settlement between BRICS countries. This stablecoin is designed to address the economic imbalance and sanction risks brought about by the dominant position of the US dollar in the current global financial system. Through the stablecoin, BRICS countries can bypass the US dollar for direct cross-border payments, thereby reducing transaction costs and minimizing the uncertainty caused by exchange rate fluctuations.

The use of stablecoin will also promote economic integration among BRICS countries. By providing a unified and stable settlement tool, the BRICS stablecoin can accelerate economic flows within the region, driving trade and investment among member countries. The transparency and decentralized nature of this digital currency can enhance transaction efficiency while reducing reliance on traditional financial systems, thereby strengthening the financial autonomy of BRICS countries.

Strategic Considerations for Russia For Russia, promoting the use of the BRICS stablecoin not only helps in addressing Western sanctions but also serves as an important means to reposition itself in the global economy. Russia hopes to further strengthen economic ties with BRICS countries, particularly China, through this stablecoin, and promote the development of a multilateral trade system. Additionally, the use of the BRICS stablecoin will provide a new economic growth point for Russia, helping it secure a more favorable position in the digital economy.

In the current international sanctions context, Russia's push for cryptocurrency policies is of significant importance. Aiying will continue to monitor the current development of the cross-border payment market after Russia's sanctions and its innovative breakthroughs in payment solutions. Stay tuned for updates on the account.

Reference: https://markets.businessinsider.com/news/currencies/russia-economy-sanctions-cryptocurrency-crypto-payments-china-outlook-digital-assets-2024-8

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