Russian authorities could legalize stablecoins in international transactions to simplify transactions with BRICS partners and reduce the impact of sanctions.

Russia will allow the use of Stablecoins

Since February 2022, Russian businesses have faced significant payment difficulties due to sanctions and compliance measures. This has impacted both companies that were sanctioned and those that were not directly targeted. 

Alexei Guznov, president of the Central Bank of the Russian Federation, stated that proposals to legalize stablecoins for international payments have been formulated. The main goal is to regulate the transfer, accumulation and use of these assets for cross-border payments within Russia.

The Ministry of Finance is also evaluating this issue. Experts believe that the legalization of stablecoins will not be an experiment but a long-term norm. They highlight several advantages of using these assets for cross-border payments:

  • Speed ​​and cost: Stablecoin money transfers are much faster and cheaper than the traditional banking system.

  • Simplicity: Users do not need to open a bank account or go through complicated registration procedures.

  • Security: Blockchain technology secures stablecoins, making them safe and tamper-proof.

  • Accessibility: Anyone with internet access can use cryptocurrency.

Legalizing stablecoins could open new opportunities for Russia, especially in resuming trade with countries that have imposed sanctions.

The Central Bank of Russia has long opposed any cryptocurrency. However, external circumstances are gradually forcing the regulator to reconsider its stance.

In March, President Vladimir Putin signed a law allowing the use of digital financial assets (DFA) for cross-border payments. However, implementation has stalled due to secondary sanctions risks and DFA's low liquidity.

Meanwhile, Russian commodity companies have been using Tether (USDT) for cross-border transactions with China. While it may take some time for authorities to make a decision, the current shift underscores the resilience of cryptocurrencies and their expanding role in global trade.



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