Russia's Ministry of Finance and Central Bank are working together to establish a centralized cryptocurrency exchange, following multiple attempts to remove other exchanges from the country. This initiative is part of Russia's recent push to endorse cryptocurrency to circumvent sanctions, with talks of introducing a ruble-backed stablecoin.

The government plans to roll out this exchange, initially catering to "super-qualified" investors meeting certain financial thresholds. This includes individuals with significant assets or income, though the specific requirements are subject to change post-launch.

The Minister of Finance, Anton Siluanov, explained that the exchange will offer a platform for crypto assets to be legalized and bring crypto transactions into the open. This move aligns with efforts to counter a global crackdown on cryptocurrencies, forcing private firms to exit Russia due to sanctions.

Russia has expressed its intention to utilize cryptocurrency to combat international sanctions, with private entities already adopting this strategy. The upcoming government-backed exchange is poised to facilitate enhanced crypto activities, allowing super investors direct access to crypto trading, while retail traders will have limited options. The launch of the exchange is scheduled for this year, pending the finalization of regulatory mechanisms, despite encountering resistance from the financial sector.