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Will Russia's Proposed Crypto Exchanges Circumvent Global Sanctions?

stablecoin links to BRICS & Chinese currencies invite global speculation

Author

Austin Hodge
August 23, 2024 • Read Time: 9 minutes

In major news for the crypto and broader international community, Russia plans to create 2 crypto exchanges with a focus on developing stablecoins tied to the Chinese yuan and the BRICS currency basket. This initiative comes in response to international sanctions, aiming to enable cross-border transactions despite sanction pressure.

Questions arise over how global leaders will react to such work-arounds and whether governments discovering transaction origins from such exchanges would place those crypto assets on sanction lists.

Meanwhile, Kamala Harris and the Democrats dip a cautious toe into crypto waters with their first official, albeit vague, stance on the hot-button topic. Zero-banking fees for crypto services, seemingly imminent FTX restructure approval, and fee-free Euro conversations add exciting spice to an already fascinating day of crypto news - let’s dive in!

  • Russia plans two crypto exchanges focused on foreign trade and a stablecoin tied to the yuan and BRICS currency basket, Kommersant reports. — Read More

  • Cardano’s Hoskinson criticizes VP Harris and Democratic Party for their lack of tangible crypto support, questioning their policies and actions. — Read More

  • NEAR Blockchain rolls out 'stateless validation' with major 'Nightshade 2.0' enhancement to boost scalability. — Read More

  • AMINA Bank offers zero-fee banking with crypto services for Web3 startups, fostering innovation by eliminating financial barriers. — Read More

  • Sen. Tim Scott aims to create a subcommittee focused on digital assets pending a Republican Senate majority. — Read More

  • Kamala Harris' campaign issues a cautious first statement on crypto, contrasting sharply with Trump's outspoken support. — Read More

  • FTX's reorganization plan receives 95% creditor approval, indicating strong support for the proposed compensation scheme. — Read More

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