Cryptocurrency

Russia to settle cross-border payments using stablecoins

Deputy Finance Minister Alexei Moiseev Confirmed Amid mounting sanctions from the US and UK, Russia is working with crypto-friendly countries to facilitate cross-border payments using stablecoins, TASS reports Sept. 6. rice field.

The finance minister and central bank have previously agreed that Russia cannot do without cross-border payments in cryptocurrencies.

As a result, Russia is developing a digital platform that will allow it to settle cross-border transactions with friendlier countries using commodity-backed stablecoins.

Moiseev says:

โ€œWe are currently working with a number of countries to create bilateral platforms to avoid using dollars and euros. , which is basically a clearing platform that we are currently developing with these countries.โ€

Moiseyev said the plan is to develop a stablecoin that will be pegged to a recognized instrument like gold, whose value is “clear and observable to all participants.

Russia is eyeing stablecoins

Increased sanctions against Russia have left the country with little choice but to explore alternative payment methods using stablecoins.

The Russian Central Bank and the Ministry of Finance announced in early July agreed A low-risk stablecoin could be good enough for use amid heightened global sanctions.

Finance Minister Ivan Chebeskov claimed A viable stablecoin can be backed by the Russian currency โ€œrubleโ€ or physical assets such as gold, oil or grain, and can guarantee redemption of its face value.

Cryptos Critical to Russia’s Survival

The Russian Ministry of Finance has been working to make the country crypto-friendly as it has proven to be a tool for evading sanctions.

In April, the Ministry of Finance reportedly We are working on a bill “On Digital Currencies” where cryptocurrencies will be legalized as a means of payment and validated as an investment class.

Senior officials of the Central Bank of Russia Said The country has been open to allowing cryptocurrencies to be used for international payments.

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