Russia is actively exploring the possibility of integrating stablecoins into its international payment systems, as reported by the government-affiliated media outlet.
A recent article from the Russian news source Izvestia reveals that the nation is considering the legalization of stablecoins for transnational transactions. The specific stablecoins under consideration have not been disclosed.
Alexei Guznov, the Deputy Chairman of Russia’s Central Bank, informed Izvestia that discussions on legalizing stablecoins commenced in 2023. He suggested that regulatory measures might be intensified to safeguard national interests.
Guznov expressed optimism about the ongoing discussions, stating, “The comprehension process is evolving, and I am hopeful that it will soon materialize into the proposed legislation.”
Alexander Murychev, the executive vice president of the Russian Union of Industrialists and Entrepreneurs (RSPP), conveyed to Izvestia that stablecoins could significantly enhance liquidity in the markets and serve as effective settlement instruments among BRICS countries, which include Brazil, Russia, India, China, and South Africa.
In a notable development, Russian President Vladimir Putin authorized a law in March 2024 that permits the utilization of “digital financial assets” (DFAs) – essentially digital tokens representing contractual rights that are tradable – for international payments.
Murychev pointed out that businesses have encountered challenges in employing DFAs due to the threat of secondary sanctions. However, Natalya Milchakova, a prominent analyst at Freedom Finance Global, assured the news outlet that stablecoins would mitigate such issues, enabling transactions with sanctioned entities without the fear of repercussions.
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