The Russian government is considering legalizing stablecoins to facilitate cross-border payments.
According to the report cited from Central Bank of Russiathe Russian government is considering officially legalizing stablecoins in international transactions to facilitate cross-border payments amid ongoing sanctions.
Russia Considers Permanently Legalizing Stablecoins for Cross-Border Payments
The Central Bank of the Russian Federation (CBR) is actively discussing allowing the use of stablecoins, according to news reports.
CBR Deputy Director Alexey Guznov confirmed the initiative and stressed that the main goal is to apply it to cross-border payments.
He noted that while stablecoins share many similarities with both digital financial assets (DFAs) and cryptocurrencies, adapting regulatory frameworks will be necessary due to their unique features and widespread popularity.
According to the report, stablecoins are considered a Promising tool for international agreements, especially in dealings with the BRICS countries, which include Brazil, Russia, India, China and South Africa.
Once stablecoin payments are legalized, Russian businesses, including state-owned companies, can use them widely, making the process of conducting transactions and complying with taxes easier.
Russia makes important announcement on BRICS currency
