Russia is considering legalizing stablecoins for international transactions to simplify cross-border payments for its companies.
The Russian central bank is discussing proposals to allow stablecoins to be pegged to gold or the US dollar, which could make this regulation permanent rather than a temporary experiment.
Representatives from businesses believe this move holds promising prospects, especially for transactions with BRICS countries. Economists believe it would ease international transactions for Russian companies facing sanctions.
Deputy Governor of the Central Bank, Alexey Guznov, stated that the proposal aims to regulate the entire chain of stablecoin transactions, from the transfer of Russian assets to the accumulation of assets and international payment usage. He emphasized that these tokens are issued in foreign systems and may resemble digital financial assets (DFA) or cryptocurrencies, requiring stricter regulation. Guznov optimistically believes that the understanding of this framework will soon be reflected in legislative texts.
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The Ministry of Finance confirmed that they are working to enable stablecoins for international payments. Unlike stablecoins, DFAs have specific issuers and function similarly to securities. Oleg Ogienko, BitRiver’s Director of Government Relations, explained that currently, Russian DFAs operate within closed blockchain systems and are not traded on external markets.
Consequences and benefits
Alexander Murichev, Executive Vice President of the Russian Union of Industrialists and Entrepreneurs (RSPP), stated that stablecoins and DFAs can facilitate cross-border payments, making them a promising tool. He believes that these collateralized assets will increase market liquidity and contribute to the establishment of long-term financial resources.
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