Russia is seeking salvation for its cross-border settlements in stablecoins as sanctions isolate the country on the international level.
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Russian state-owned news agency TASS reports, citing deputy finance minister Alexei Moiseev, that the country is already working with a number of countries on a new platform, which won’t rely on US dollars and euros.
“We offer mutually acceptable tokenized instruments that will be used on these platforms, which are essentially clearing platforms that we are currently developing with countries.”
Moiseev added that stablecoins can be pegged to “generally recognized” financial asset (e.g., gold), the value of which is clear and observable. However, he admitted that developing such stablecoins will require additional regulation and currently there are no ready-made solutions.
Reuters earlier reported that Russia was working on a bill that would legalize the usage of cryptocurrencies for international payments as the country faces hurdles over sanctions. According to reports, Russia’s Ministry of Finance is still weighing whether it could use cryptocurrencies for international settlements if these assets legalize accordingly.
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