- Previously, reports claimed that Russia is opening new crypto exchanges in St. Petersburg and Moscow.
- Recent reports reveal that Russia’s proposal only focuses on enhancing its money and stock markets.
- While the community was optimistic about Russia’s crypto expansion, recent reports sparked concerns.
The crypto community was lit up last week with talk of Russia possibly launching two crypto exchanges. However, the latest report contradicts this, stating Russia is not planning to expand its crypto markets. Instead, Russia’s development strategy seems focused on improving its traditional money and stock markets.
Reports last week had highlighted Russia’s initiative to boost foreign economic activity (FEA) through crypto exchanges. They also claimed the country planned to open two crypto exchanges in St. Petersburg and Moscow as part of this FEA move. The first exchange was said to be under the St. Petersburg Currency Exchange (SPCE), but details about the second were unclear.
Moreover, Russia’s proposal was reportedly linked to its plan to launch stablecoins for the yuan and the BRICS currency basket. This was seen as a way to strengthen economic ties b…
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Source: https://coinedition.com/russias-crypto-pivot-focus-on-fiat-not-digital-assets/