Russia Plans to Regulate Stablecoins for Cross-Border Transactions

Bittime - Russia is actively considering regulating stablecoins for use in cross-border payments, signaling a significant shift in its financial strategy. Alexey Guznov, Deputy Chairman of the Bank of Russia, announced that a proposal has been submitted, and discussions are ongoing. The Ministry of Finance has also confirmed its involvement in the discussions.

Facilitating Stablecoins for International Payments

The potential regulation aims to allow stablecoins to be used as a tool for international trade settlement. Guznov highlighted that while the idea has been proposed, several technicalities need to be addressed. This includes creating a comprehensive regulatory framework that covers the acceptance, storage, and utilization of these digital assets for international transactions.

According to Izvestia, the press service of the Ministry of Finance confirmed that work on this issue is underway. It is possible that these regulatory changes will become permanent, similar to the adoption of the digital financial assets (DFA) law passed in March.

Support for Stablecoins

Several influential figures in Russia have expressed support for the use of stablecoins, digital tokens whose value is pegged to a fiat asset, usually the U.S. dollar. Alexander Murychev, executive vice president of the Russian Union of Industrialists and Entrepreneurs, described stablecoins as “very promising” for cross-border payments because of their stability and flexibility.

Benefits of Stablecoin Transactions

Natalia Milchakova, a leading analyst at Freedom Finance Global,指出 (chỉ rao - points out) that stablecoin transactions are difficult for third-country regulators to track. This makes them an attractive option for making payments without fear of secondary sanctions from Western countries. 

In fact, these types of transactions are already happening on a smaller scale. A report from June showed that two major Russian metal producers were using Tether’s USDT to transact with Chinese partners.

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Bank of Russia's Change of Attitude

Elvira Nabiullina, Governor of the Bank of Russia, recently indicated that the institution has softened its stance on the use of cryptocurrencies for international payments. 

The shift is aimed at mitigating the impact of Western sanctions, demonstrating a more open approach to leveraging digital assets for global trade.

Conclusion

Russia’s initiative to regulate stablecoins for cross-border payments reflects its strategic move toward integrating digital assets into its financial system. By addressing regulatory challenges and leveraging the benefits of stablecoins, Russia aims to boost its international trade capabilities while facing geopolitical pressures.

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