Russia works on two crypto exchanges and stablecoins linked to the Chinese yuan

Reports linked to the BRICS group suggest that Russia would be working on two crypto exchanges and stablecoins linked to the Chinese yuan as new payment systems on the path towards the de-dollarization of its economies.

Reports have indicated that “Russia is working on cryptocurrency exchanges in Moscow and St. Petersburg whose focus would be to create and promote the use of stablecoins pegged to the Chinese yuan and other BRICS currencies.”

In parallel, Russia and China are working to strengthen their cooperative ties and “facilitate foreign economic activities” in their efforts to “distance themselves from the US dollar in international agreements.” In meetings between Chinese Prime Minister Li Qiang and Russian Prime Minister Mikhail Mishustin, both nations “committed to the use of local currency, payment infrastructure and mutual investments, while advancing collaboration in artificial intelligence, sustainable development and global governance,” according to a document from the Chinese Ministry of Foreign Affairs collected by the media.

According to news outlet Kommersant, Russia is working on launching two new exchanges, one in Moscow and the other in St. Petersburg; The latter could take advantage of the infrastructure of the St. Petersburg Currency Exchange (SPCE), taking advantage of the benefits of blockchain technology “which usually maintains parity with a fiat currency.”

It is important to mention the recent statements by the Russian Finance Minister, Anton Siluanov, who emphasized a few days ago that more than 90 % of the agreements with China do not involve payments with US dollars, since they are made in rubles, yuan and other currencies.

M.Pino

Source: diariobitcoin

(Reference image source: Kanchanara in Unsplash)

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