Russia is considering the adoption of stablecoins for international transactions: the goal is to overcome obstacles arising from sanctions.
According to a report from the local newspaper Izvestia, the Russian Ministry of Finance and the Central Bank are considering the possibility of legalizing the use of stablecoins for cross-border payments. The proposal aims to facilitate transactions with BRICS partners and reduce the impact of international sanctions.
Reasons for the proposal
Since February 2022, Russian businesses have faced significant difficulties in payments due to international sanctions. These challenges have affected both sanctioned and non-sanctioned companies. Alexei Guznov, from the Central Bank Council of the Russian Federation, confirmed that proposals have been made to legalize stablecoins in international regulations. The main objective is to regulate the transfer, accumulation, and use of these assets in cross-border payments in Russia.
Opportunities for the Russian economy
The legalization of stablecoins could open up new opportunities for Russia, especially in resuming trade with countries that have imposed sanctions. Last March, President Vladimir Putin signed a law authorizing the use of digital financial assets (DFA) for cross-border settlements, although their use remains low due to the risks of secondary sanctions.
As previously reported, several Russian companies in the commodities sector are already using Tether (USDT) for cross-border transactions with China.