Russia is considering the permanent legalization of stablecoins for cross-border payments

ChainCatcher news, according to a report by the "News" on July 3, citing the Central Bank of Russia, the Russian government is considering officially legalizing stablecoins for international transactions to simplify cross-border payments for Russian companies.

According to the report, the Central Bank of the Russian Federation (CBR) is actively discussing proposals to allow the use of these crypto assets, which are pegged to stable currencies or assets like the dollar or gold, making them less volatile than other cryptocurrencies.

CBR Deputy Chairman Alexey Guznov confirmed this initiative and emphasized that the main focus is on regulating the entire transaction chain, from transferring these assets to Russia to accumulating and utilizing them for cross-border payments. Guznov stated that this could be established as a permanent regulation rather than a temporary experiment. While stablecoins share similarities with digital financial assets (DFA) and cryptocurrencies, fine-tuning the regulatory framework is crucial due to their unique characteristics and widespread adoption.

According to the report, stablecoins are seen as a promising tool for international settlements, especially for transactions with BRICS countries (including Brazil, Russia, India, China, and South Africa).