Stablecoins As A New Frontier: Russia Seeks Alternatives For Cross-Border Pay...
Stablecoins continue to witness notable adoption as the world’s largest country Russia is investigating the use of stablecoins for international payments in light of the growing financial strain imposed on it by international sanctions and economic difficulties. The move attempts to circumvent traditional financial channels, underscoring Russia’s strategic transition towards digital assets as a means […]
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According to reports, Russia’s Finance Ministry has started collaborating with “friendly” governments to create a cross-border stablecoin-based payments platform. Russia To Turn To Stablecoins According to Russian state news outlet Tass, deputy finance minister Alexey Moiseyev today said the nation is investigating stablecoins to make payments with “friendly countries.” Moiseyev further suggested that the stablecoins […]
Bitcoin looks suitable for Russia’s crypto cross-border payments at first glance, but there are many reasons why such a choice is highly questionable. Despite Russia pushing the idea of using cryptocurrencies for cross-border payments, it still remains unclear what digital asset exactly the government plans to adopt for such transactions.Russian authorities are quite unlikely to approve the use of cryptocurrencies like Bitcoin (BTC) for cross-border transactions, according to local lawyers and fintech executives.Bank of Russia needs to control cross-border transactionsIt’s “highly....
Russia is cooperating with friendly countries on the potential employment of stablecoins in international payments, a top government official unveiled. The news comes after key institutions in Moscow agreed that the Russian Federation needs to legalize cross-border crypto payments in the face of sanctions. Russia Looking to Build Stablecoin Platforms to Facilitate Trade With Partners The Russian government is now working with several “friendly countries” on the establishment of clearing platforms for international settlements in stablecoins, Deputy Finance Minister Alexey....
Bank of Russia which is the nation’s central bank has admitted that cross-border crypto transfers are next to impossible to avoid. At the current moment, the geopolitical climate of Russia has been under a lot of stress. According to other local news outlets, the central bank has adopted a different approach when it comes to […]
Russia might become the first country in the world to allow cross-border crypto payments while banning local crypto payments, a fintech expert in the Russian State Duma said. Russian Prime Minister Mikhail Mishustin on Tuesday officially instructed the government to come to a consensus regarding crypto regulation in Russia by Dec. 19, 2022.The prime minister specifically called on the Duma and other state authorities to come up with coordinated policies on regulating the issuance and circulation of digital currencies in Russia. Mishustin also asked regulators to finalize regulations for....