Russia is collaborating with friendly countries on the potential use of stablecoins in international payments, a top government official revealed. The news comes after key institutions in Moscow agreed that the Russian Federation should legalize cross-border crypto payments in the face of sanctions.
Russia is looking to build a Stablecoin platform to facilitate trading with partners
According to Tass news agency, the Russian government is currently working with a number of “friendly countries” to establish clearing platforms for international payments in stablecoins, Deputy Finance Minister Alexey Moiseev revealed. .
“We are currently working with a number of countries to create bilateral platforms that do not use dollars and euros,” said Moiseev, explaining that Moscow offers to use “cryptocurrency tools that can be used by both countries.” acceptors” on these platforms.
The senior government official further explained that “stablecoins can be pegged to a number of generally recognized instruments, for example gold, the value of which is clear and observable to all. Participants.”
Moiseev’s statement on Tuesday followed other Russian media reports indicating that his department and the central bank have reach consensus that for Russia “isn’t possible without cryptocurrency cross-border settlements” under current conditions.
Moscow has been dealing with increasing Western sanctions and restrictions over its decision to invade neighboring Ukraine that has severely limited its access to the global financial system. Proposals to use cryptocurrencies or stablecoins in foreign trade have received support from top Russian officials and regulators.
The Central Bank of Russia has made it clear that the agreement is not meant to legalize cryptocurrency exchange and payment activities in the country. Earlier this year, its Governor Elvira Nabiullina admit that coins can be used for payments as long as they “do not penetrate” into the Russian financial system.
The Ministry of Finance hopes to address any issues related to the international use of cryptocurrency payments during the autumn session of the State Duma, the lower house of the Russian Parliament. The ministry has been the driving force behind the new law designed to comprehensively regulate cryptocurrency transactions in Russia.
The Law “On Digital Financial Assets”, which comes into force in January 2021, only addresses some aspects of the matter, such as those related to the circulation of digital currencies has an issuer or “digital financial asset” and a digital token, which is defined as a “digital right”. Russian lawmakers are expected to consider the new bill “On Digital Currency” in the coming months and also regulate related business activities such as cryptocurrency mining, which has expanded as an industry.
Do you expect Russia to start using cryptocurrencies and stablecoins in transactions with foreign trading partners? Let us know in the comments section below.
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