Russian authorities are reportedly considering approving the use of stablecoins for cross-border settlements, as per local media outlet Izvestia. This move could potentially simplify transactions with BRICS partners and mitigate the impact of sanctions. Facing payment difficulties since February 2022 due to sanctions, Russian businesses, both sanctioned and non-sanctioned, are affected. The Central Bank of the Russian Federation, led by Alexei Guznov, is exploring proposals to legalize stablecoins for international settlements to regulate their transfer, accumulation, and use for cross-border payments within Russia. The Ministry of Finance is also assessing this matter. Experts believe that legalizing stablecoins could offer various advantages, such as opening up new trade opportunities for Russia with sanctioned countries. Despite the Central Bank's historical opposition to cryptoassets, external factors are prompting a reconsideration of its stance, as seen with the recent law allowing the use of digital financial assets for cross-border settlements. Russian commodity companies are already utilizing the Tether stablecoin for transactions with China, showcasing the growing importance of cryptocurrencies in global trade. Read more AI-generated news on: https://app.chaingpt.org/news