Russia is exploring the formal legalization of stablecoins to ease cross-border payments for its enterprises amidst ongoing sanctions, as reported by the Central Bank of Russia. The potential move aims to regulate the entire transaction lifecycle of these digital assets, from their entry into Russia to their use in international payments.
Alexey Guznov, Deputy Director of the Central Bank, confirmed the initiative, highlighting the focus on integrating stablecoins, which are tied to stable assets like the US dollar or gold and exhibit lower volatility compared to other cryptocurrencies. He emphasized the need for a regulatory framework tailored to their distinct characteristics and growing popularity.
The proposed legalization could establish stablecoins as a permanent fixture rather than a temporary experiment, potentially benefiting Russian businesses, including state-owned enterprises, by simplifying and ensuring tax compliance in cross-border transactions.
Stablecoins are seen as promising for international agreements, particularly with BRICS nations—Brazil, Russia, India, China, and South Africa—according to the report. If implemented, this move could significantly enhance transaction efficiency and compliance for Russian entities.
(Note: Investment advice disclaimer remains unchanged.)
