The Russian authorities intend to allow the use of "stable coins" for international settlements. This was reported to Izvestia by Deputy Chairman of the Central Bank Alexey Guznov.
According to him, the issue is to regulate the entire supply chain, which "would allow individuals to transfer [stablecoins] to the territory of the Russian Federation, accumulate them and use them for cross-border payments."
Guznov clarified that this measure may not be implemented as an experiment, but as a permanent norm.
In some respects, some stablecoins are similar to CFA, while others are more like cryptocurrencies, the deputy chairman of the Central Bank noted. Therefore, in order to fully implement the initiative, it is necessary to finalize the legislation.
"An understanding is still being formed, and I hope it will result in the text [of the bill] in the near future," the official stressed.
Representatives of the Ministry of Finance also confirmed that the issue of legalizing "stable coins" for cross-border settlements is being worked out.
The issue of using cryptocurrencies in international transactions remains on the agenda, Guznov added. According to him, this idea has been discussed since 2023, and in April the State Duma developed a bill regulating the relevant experiment.
A number of experts, including Yuri Belikov, managing director of the Expert RA rating agency, said in a comment to the publication that stablecoins allow settlements without SWIFT and other payment systems, emphasizing their particular relevance in the context of new sanctions.
Since June 13, the Moscow Exchange has stopped trading in dollars and euros amid restrictions. The platform came under US sanctions together with the "National Clearing Center", which acts as a counterparty in all currency transactions on the platform. This situation has made it difficult for most foreign exchange transactions in Russian banks.
Recall that in early July, the RSPP proposed to create a crypto fund for international settlements under sanctions.
Earlier, Deputy Finance Minister Ivan Chebeskov announced the preparation by the regulators of the BRICS countries of the BRICS Bridge platform for settlements in national digital currencies.