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    Home » Russia Contemplating Adoption of Stablecoin for Transactions
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    Russia Contemplating Adoption of Stablecoin for Transactions

    By adminJul. 4, 2024No Comments2 Mins Read
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    Russia Contemplating Adoption of Stablecoin for Transactions
    Russia Contemplating Adoption of Stablecoin for Transactions
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    Russia is considering the legalization of stablecoins for international transactions to simplify cross-border payments for its companies. The Central Bank of Russia is discussing a proposal to allow stablecoins pegged to gold or the US dollar, which could make this regulation permanent rather than a temporary experiment.

    Business representatives believe the move has a bright future, especially for transactions with BRICS countries, and economists think it will ease international transactions for Russian companies affected by sanctions.

    Deputy Chairman of the Central Bank, Alexei Guznov, stated that the proposal aims to regulate the entire chain of stablecoin transactions—from the transfer of Russian assets to the accumulation of assets and the use of international payments. He emphasized that these tokens are issued in foreign systems and may be similar to Digital Financial Assets (DFA) or cryptocurrencies, requiring stricter regulation. Guznov is optimistic that understanding of this framework will soon be reflected in legislative texts.

    Read more:


    BRICS: China announces support for the inclusion of new Asian countries

    The Ministry of Finance confirms that they are working to enable stablecoins for international payments. Unlike stablecoins, DFAs have specific issuers and function similarly to securities. Oleg Ogienko, Director of Government Relations at BitRiver, explains that currently, Russian DFAs operate within a closed blockchain system and do not circulate in external markets.

    Consequences and Benefits
    Alexander Murichev, Executive Vice President of the Russian Union of Industrialists and Entrepreneurs (RSPP), says that stablecoins and DFAs can facilitate cross-border payments, which is a promising tool. He believes that these collateralized assets will increase market liquidity and help establish long-term financial resources.

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