Russia is mulling over the possibility of using stablecoins for cross-border settlements in the country.
Russia’s Deputy Finance Minister Alexey Moiseyev was quoted on the local news agency TASS. He stated that Russia is collaborating with several nations to establish “bilateral platforms” — where stablecoins will be used as “mutually acceptable tokenized instruments” — that will lessen its dependency on dollars and euros.
Additionally, Moiseyev suggested that the stablecoins in question are linked to commodities instead of digital fiat. These stablecoins, according to him, can be “pegged to some generally recognized instrument, for example, gold, the value of which is clear and observable for all participants.”
Whether these stablecoins will cater to individual retail or institutional and government users remain uncertain. However, it appears that individuals are not the intended target audience for these stablecoins, considering that Moseyev compares the services under development to clearing platforms.
Moreover, it is unknown which nations Russia might be collaborating with.
Just one day prior to this news, cross-border cryptocurrency payments are officially allowed in Russia with the agreement of the central bank and finance ministry. They admitted it was necessary to do so because several Russian citizens are currently using foreign crypto services.
The Bank of Russia clarified that this development does not equate to the legalization of crypto payments within the country, as the bank has always been critical of cryptocurrencies and digital assets. The ban on digital asset payments that effective in July is seemingly still in force.
Other cross-border payment-related issues will be addressed at the autumn session of the parliament, according to TASS.
The Bank of Russia is looking into the potential of a central bank digital currency (CBDC), despite its opposition to crypto and digital assets. They might launch the asset by 2023.
