Russia Explores Stablecoins for Settlements With Friendly Nations – According to Deputy Finance Minister Alexey Moiseev, who was quoted by the Tass news agency, the Russian government is now working with a number of friendly countries on the establishment of clearing platforms for international settlements in stablecoins.
“We are currently working with a number of countries to create bilateral platforms in order not to use dollars and euros,” Moiseev said, explaining that Moscow offers to employ “mutually acceptable tokenized instruments” on these platforms. The high-ranking government official further elaborated that the “stablecoins can be pegged to some generally recognized instrument, for example, gold, the value of which is clear and observable for all participants.”
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The central bank and Moiseev’s department have agreed that, given the circumstances, “it is impossible for Russia to operate without cross-border payments in cryptocurrencies,” according to other Russian media reports that were released on Tuesday.
Due to Moscow’s decision to invade the neighboring Ukraine, the West has put increasing sanctions and restrictions on it, significantly restricting its ability to participate in the global financial system. Top Russian authorities and regulators are becoming more in favor of ideas that call for using cryptocurrencies or stablecoins in international trade.
The agreement does not imply the legalization of cryptocurrency payment and exchange activities domestically, according to the Bank of Russia. Coins could be used for payments, its Governor Elvira Nabiullina acknowledged earlier this year, so long as they “don’t penetrate” Russia’s financial system.
During the State Duma’s fall session, the lower house of the Russian parliament, the Ministry of Finance intends to find solutions to any problems relating to the usage of cryptocurrency payments internationally. The department has been the main proponent of new legislation intended to thoroughly regulate cryptocurrency transactions in Russia.
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The law “On Digital Financial Assets,” which came into effect in January 2021, only addresses a few of the issues, such as those relating to the use of digital currencies, which are referred to as “digital rights,” and digital currencies with issuing entities. In the upcoming months, Russian lawmakers are anticipated to study the new “On Digital Currency” laws and regulate connected commercial endeavors like the growing industry of crypto mining.
