The Russian government is considering the official legalization of stablecoins in international transactions in order to facilitate cross-border payments for Russian companies amid ongoing sanctions, according to the report, citing the Central Bank of Russia.
Russia Considering Permanently Legalizing Stablecoins for Cross-Border Payments
Russia is considering regulating the entire transaction chain of these assets, from their transfer into the country to their accumulation and use for cross-border payments.
According to the news, the Central Bank of the Russian Federation (CBR) is actively discussing proposals to allow the use of these crypto assets, which are pegged to stable currencies or assets such as the US dollar or gold and are less volatile than other cryptocurrencies.
CBR Deputy Director Alexey Guznov confirmed the initiative, emphasizing that the primary focus is on regulating the entire transaction chain of these assets, from their transfer to Russia to their accumulation and use for cross-border payments.
Guznov stated that this could be established as a permanent arrangement rather than a temporary experiment.
He noted that although stablecoins share similarities with both digital financial assets (DFAs) and cryptocurrencies, fine-tuning of the regulatory framework will be necessary due to their unique features and widespread popularity.
According to the report, stablecoins are seen as a promising tool for international agreements, especially in transactions with BRICS countries, which include Brazil, Russia, India, China and South Africa.
If stablecoin payments are legalized, they could become widely available to Russian businesses, including state-owned companies, making the process of executing such transactions simpler and tax-compliant.
*This is not investment advice.
