Russia’s Finance Ministry is looking into building a platform a place to buy, sell and store cryptocurrency to settle international payments with stablecoins, a report said.
- Russia considers stablecoins for cross-border deals.
- Explore creating a payment platform with friendly countries.
- It would be a way to avoid the rails of payments in dollars and euros.
Russia seems to be increasingly open to the possibility of adopting digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies for cross-border deals; a move possibly in response to economic sanctions and challenging geopolitical landscape.
According to a recent report, the Russian government is in talks with several friendly countries for the use of stable currencies in cross-border transactions. Local media agency Tass reported the news Tuesday, noting that it is an effort by Russia’s Finance Ministry.
According to Deputy Finance Minister Aleksey Moiseyev, Russia is reportedly looking to build stablecoins as a way to avoid international payment rails denominated in U.S. dollars and euros. The report, which was picked up by the mediaThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.y CoinDesk He quoted the official as saying at a conference in Vladivostok.
We are working with a wide range of countries to create new bilateral platforms without using dollars or euros. We are proposing mutually acceptable tokenized instruments to be used on these platforms, essentially clearing platforms, which we are now developing with countries.
Moiseyev added that the stablecoins could be linked to widely accepted traditional assets, such as gold, “the value of which is understood and appreciated by all parties”. He also emphasized that such an effort would require additional regulation The report did not name the countries Russia is working with. The report did not name the countries with which Russia is working.
Russia considers the stablecoins
The news comes one day after another report from Tass which revealed that the Russian Ministry of Finance and the Central Bank of Russia had agreed on the need to embrace cryptocurrencies for cross-border payments. Monday’s release quoted the two organizations as saying that “ it is impossible to dispense with cross-border cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. settlements “ under the current environment.
Russia has maintained a tough stance on digital currencies. The country’s Central Bank has strongly opposed the asset class, calling for a nationwide ban, though not everyone agrees. The Ministry of Finance has taken a different approach, advocating regulation of the sector and proposing the use of cryptocurrencies.
A May report had already stated that the agency was looking into “ actively “The possibility of incorporating cryptocurrencies into foreign trade agreements. He is not the only one who has pointed to the use of digital currencies for international agreements. In March, a member of the Duma had signaled that Russia might start to use Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. for the export of oil and natural gas.
The nation’s position is still somewhat uncertain. In July, el President Vladimir Putin signed a law banning digital payments. On the other hand, the Bank of Russia is in the process of developing a digital ruble, which it hopes to put into circulation in 2024.
A shift to a more flexible approach could be due to increasing economic sanctions. After dealing with U.S. and European economic sanctions for the better part of a decade, Western governments agreed to impose more sanctions on Russia after its invasion of Ukraine in February, as recallsThe Block.
Among the measures, several Russian banks were excluded from SWIFT, the main global payments settlement network. The country has been working to circumvent the difficulties by increasing the role of the ruble and the yuan in hydrocarbon exports, as well as with plans to digitize the ruble. So far, though, these efforts have had limited effect.
Article by Hannah Estefania Perez / DiarioBitcoin
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