A few weeks after embracing cryptocurrencies for global transactions, Russia has taken another bold step in its crypto adoption journey. The European nation has revealed plans to kick-start crypto exchange and payment trials. Interestingly, the latest move is coming a few days after news broke out revealing Russia’s plan to develop two crypto exchanges and native stablecoins.
For context, one of the two trading platforms' developmental basics and functionalities will stem from the St. Petersburg Currency Exchange database for foreign economic activity. On the other hand, the stablecoins initiative will attract payment from several global regions. Notably, it will span the Chinese Yuan and the BRICS currency systems.
Noteworthily, the BRICS represents a broad payment system comprising predominantly five countries. They are Brazil, Russia, India, China, and South Africa. With global economic advancements, the BRICS expanded to accommodate four other nations. The extra countries included Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE).
Russia Reveals Payment Trials Timeline and Modalities
According to a Bloomberg report, plans are on the way for Russia to begin a trial for crypto exchanges and global digital assets transactions. Notedly, the test transactions will begin in the coming weeks, specifically on September 1, 2024.
Interestingly, Russia's Payment Card System will facilitate the transactions during the trials. Meanwhile, the testing phase will serve as an avenue for Russia’s Central Bank supervision. Therefore, it affords the European nation authorities ample time to study the proposed exchanges, offering modifications where necessary.
Confusion, as St. Petersburg Currency Exchange Debunks Speculations
Before the revelation of the payment payment details, the St. Petersburg Currency Exchange (SPVB) initially debunked affiliation with the plans. Interestingly, the SPVB clarified that it never intends to venture into cryptocurrencies or related asset transactions.
Refuting the speculations, the SPVB wrote in an official statement: "The reports that appeared in media outlets that the Saint Petersburg Currency Exchange plans to become one of the platforms for trading crypto assets are not true. The approved development strategy is focused on developing its products and services in the money and stock markets and does not involve the provision of any services related to cryptocurrencies."