Russia could cooperate with friendly countries to develop a stable coin for international payments, a senior government official said. The news comes after key institutions in Moscow agreed that the Russian Federation should legalize cross-border crypto payments in light of sanctions.
Russia wants to build stablecoin platforms to facilitate trade with partners.
The Russian government is now working with several “friendly countries” to establish clearing platforms for international settlements in stablecoins, Deputy Finance Minister Alexei Moiseev was quoted by Tass news agency.
“Currently, we are working to create bilateral platforms with several countries not to use dollars and euros,” said Moshev, who offers to employ “mutually accepted tokenized tools” in these platforms.
“Stablecoins can be pegged to commonly known instruments, such as gold, whose value is transparent and visible to all participants,” the senior government official explained.
On Tuesday, Moiseev’s statement followed other Russian media reports indicating that his department and the Central Bank have reached an agreement that “it is impossible to do without cross-border settlement in cryptocurrency” for Russia under the current conditions.
Western sanctions and sanctions imposed on Moscow over its decision to invade neighboring Ukraine have severely limited its access to the international financial system. Proposals to use cryptocurrencies or stablecoins in foreign trade are gaining support among top Russian officials and regulators.
The Bank of Russia has made it clear that the agreement does not mean the legalization of crypto payment and exchange operations in the country. Earlier this year, the governor of the state, Elvira Nabiullina, admitted that the coins could be used for payments “as long as they do not enter” the Russian financial system.
The Ministry of Finance hopes to resolve any issues related to the international use of crypto payments during the fall session of the State Duma, the lower house of the Russian Parliament. The department is the driving force behind new legislation designed to comprehensively regulate crypto transactions in Russia.
In the year The law “On Digital Financial Assets”, which came into effect in January 2021, covers only some aspects of the issue, such as those related to the circulation of digital currencies with an issuing entity, or “Digital Financial Assets” and digital tokens, defined as “Digital Rights”. Russian lawmakers are expected to review the new bill for “digital currency” in the coming months, as well as regulate related business activities such as crypto mining, which has become an industry.
Do you expect Russia to start using cryptocurrencies and stablecoins in agreements with foreign trade partners? Let us know in the comments section below.
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