Russia Considers Using Stablecoins for Transactions

Russia is considering legalising stablecoins for international transactions to streamline cross-border payments for its companies.

The Russian central bank is discussing proposals to allow stablecoins pegged to gold or the U.S. dollar, which could make this regulation permanent rather than a temporary experiment.

Business representatives find the initiative promising, especially for transactions with BRICS countries, and economists believe it will ease international transactions for Russian companies that are under sanctions.

Alexei Guznov, deputy chairman of the Central Bank, said proposals have been formulated to regulate the entire chain of stablecoin transactions, from the transfer of assets into Russia to their accumulation and use for international payments. He stressed that these tokens are issued in foreign systems and may resemble digital financial assets (DFA) or cryptocurrencies, which requires stricter regulation. Guznov expressed optimism that the understanding of this framework will soon be reflected in legislative texts.

The Ministry of Finance confirmed that they are working on allowing stablecoins for international payments. Unlike stablecoins, DFAs have specific issuers and function as securities. Russian DFAs currently operate in a closed blockchain system and do not circulate on the external market, explained Oleg Ogienko, director of government relations at BitRiver.

Implications and benefits

Stable coins and DFA can facilitate cross-border payments, which is a promising tool according to Alexander Murichev, executive vice president of the Russian Union of Industrialists and Entrepreneurs (RSPP). He believes that these secured assets will increase liquidity in the market and support the formation of long-term financial resources.