Russia Considers Legalizing Stablecoins for Cross-Border Trades Amid Western Sanctions

Jul 4, 2024, 01:30 AM

The Bank of Russia is considering legalizing stablecoins for cross-border trades as local businesses explore alternative methods to conduct trade with China amidst Western sanctions. Central banker Alexey Guznov indicated that stablecoins like USDt and USDC, which do not require user identification, are being considered as backup options for sanctioned Russian firms. The Russian Central Bank is actively discussing proposals to allow the use of cryptocurrency stablecoins pegged to gold or the US dollar. This initiative aims to simplify international transactions for Russian companies and counter Western sanctions. Reports from local publication Izvestia confirm that the Central Bank of Russia is in the process of legalizing these stablecoins for cross-border payments.