Russia Explores Stablecoins for Settlements With Friendly Nations
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....
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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 […]
The Central Bank of Russia has spoken out against stablecoins, which it says are highly risky and not fit for payments. The monetary authority reacted to a statement by a top finance ministry official who suggested that his department would support the development of Russian stablecoins. Russia’s Central Bank Voices Opposition to Stablecoins Unlike the Ministry of Finance, the Central Bank of Russia (CBR) believes stablecoins are not intended for settlements, either within the country or abroad. The monetary authority said that the issuance and use of private stablecoins is....
Russia’s monetary authority intends to conduct the first settlements with the digital ruble next year, its governor announced this week. Speaking to Russian lawmakers, the official highlighted the important role the new currency is going to play for Russia under sanctions. Russia to Trial Digital Ruble in Settlements, International Payments The full launch of the digital ruble, Russia’s central bank digital currency (CBDC), should take place before 2030, according to the approved Financial Market Development Strategy of the Ministry of Finance. However, the Central Bank of....
Russia’s pivot towards stablecoins comes against the backdrop of its chairmanship of the BRICS group (Brazil, Russia, India, China, and South Africa). The BRICS nations have previously discussed the creation of a digital currency-based payment system, the BRICS Bridge, to reduce reliance on the US dollar-dominated global financial system. Related Reading: Bitcoin Sideways Amid Fed […]
In the article "Why The Bitcoin Price Drop Is Really Good News" I mentioned the upcoming issues on the horizon for the U. S. Dollar. Many nations are trading internationally without it now, and these "bilateral trade agreements" are on the rise. Growing global disinterest in the dollar will only increase the need for monetary alternatives that can be easily sent globally, like Bitcoin. Now, news is breaking out of Russia that they may be ready to end their time using the U. S. Dollar as Russia can move from the US Dollar much sooner than we thought. Also read: Russia Plans Bitcoin Ban by....