The Russian government is reportedly moving forward with plans to create national cryptocurrency exchanges, according to insider information from the local news outlet Kommersant.

The report suggests that Russian authorities are actively working on establishing these platforms as part of their broader strategy to regulate digital financial assets within the country.

Challenges Await Russia’s Push for National Crypto Exchanges

The move signals the Russian government’s active involvement in the crypto space, with sources indicating that one of these exchanges may be based at the St. Petersburg Currency Exchange (SPCEX) to support foreign economic activities. However, SPCEX has denied any such plans, stating that its current strategy does not include the creation or support of crypto services.

A second exchange could be established in Moscow, either through the Moscow Exchange or under an experimental legal regime. Government-level discussions are ongoing, but the Ministry of Finance and the Central Bank of Russia remain divided. They have yet to agree on a unified approach regarding these crypto exchanges.

The primary goals for these exchanges include strengthening control over digital financial assets and facilitating international trade. This aligns with a recently signed law by President Putin regulating cryptocurrencies and mining in Russia. The platforms will reportedly restrict access to large companies, or “blue chips.”

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

The exchanges will focus on issuing and using stablecoins, especially those tied to the Chinese yuan and BRICS currencies. BitRiver’s Deputy General Director for Communications, Oleg Ogienko, highlighted that stablecoins face technological and legal challenges linked to convertibility and liquidity.

“Stablecoins can still be perceived as cryptocurrencies. It complicates their integration into Russia’s financial system,” Ogienko said.

International sanctions complicate the launch of these exchanges. Mikhail Uspensky, a member of the expert council on cryptocurrency regulation at the Russian State Duma, expressed concerns about the risks.

“If it becomes public that a cryptocurrency was purchased on a Russian exchange, advanced tracking tools could easily trace and flag all related transactions as suspicious. This would not only create difficulties for the transaction participants but also for future holders of the digital currency, even if they have no connection to Russia,” he noted.

Read more: Top 9 Crypto-Friendly Countries For Digital Assets Investors

Nikita Vaseev, founder of TerraCrypto, is also doubtful about the project’s viability. He argues that only those with no other options would use these platforms, as most market participants still prefer international exchanges.