🇷🇺😱Very important crypto move from Russia: Stablecoins are becoming legal👀
Russia, which is experiencing difficulties in trade due to Western sanctions, aims to legalize the use of stablecoins in cross-border payments. The Central Bank of #Russia also actively participates in the work.
Russia, which has been on the agenda with its anti-#cryptocurrency policies for a while, has warmed up to this field, especially with the Western sanctions following the Ukraine war, and it is stated that it is finally planning to legalize the use of cryptocurrencies. The use of stablecoins in cross-border payments within the country.
According to the news of Russian media Izvestia; It was stated that the volatility of the cryptocurrencies to be used is desired to be low, therefore it is aimed to use fixed currencies indexed to gold or the US dollar.
“It is not a temporary trial, but a permanent regulation…”
Deputy Governor of the Central Bank of Russia Alexey Guznov also officially confirmed the study and said:
Our first focus here should be on streamlining the transaction chain. Movements such as transferring the relevant cryptocurrency to Russia, saving it and using it in cross-border payments need to be placed within a certain framework. "We want this to be a permanent regulation, not a temporary trial."
It was also written in the news that there was a possibility that these stablecoins could be used in transfers between BRICS countries. The volume of stablecoin usage in Russia increased to 6.8 trillion dollars in the first quarter of 2024. This figure is also equal to the volume of the entire year in 2022... So, it is obvious that there is a serious usage situation in the country. It is thought that this volume consists of payments made to China rather than use by individuals.
