Russia Working on Platforms for Stablecoins Cross-Border

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Russia’s Bill on Banning Crypto as a Payment Method Passes First Parliament Reading
Source: PYMNTS.com

Russia has begun working on creating platforms for cross-border settlements in stablecoins, according to the Russian Deputy Minister of Finance.

Deputy Finance Minister Alexey Moiseyev revealed the new objective for the Bank of Russia and Finance Ministry. Stablecoins have a makeup that is meant to keep them at a stable price.

On the other hand, this is contrary to a law signed by President Vladimir Putin earlier in the summer. In July, Russia issued a law that bans digital payments in the country. Russia has previously had a harsh stance on digital and cryptocurrency. However, it has come to the conclusion that “it is impossible to do without cross-border settlements in cryptocurrency.”

“We are currently working with a number of countries to create bilateral platforms in order not to use dollars and euros,” Moiseyev says in a statement. “We offer mutually acceptable tokenized instruments that will be used on these platforms, which are essentially clearing platforms that we are currently developing with these countries. Stablecoins can be pegged to some generally recognized instrument, for example, gold, the value of which is clear and observable for all participants.”

The report did not name which countries Russia will include in these new platforms. The Finance Ministry hopes to resolve issues related to cross-border payments in cryptocurrencies during the State Duma autumn session. The State Duma is the lower house of parliament. They will be meeting sometime this week.