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Which stablecoin will the Bank of Russia approve first for cross-border trades by end of 2024?
2
Resolution / Starting Odds
USDt • 25%
USDC • 25%
Other • 25%
None • 25%
Official announcement from the Bank of Russia or a reputable news outlet like Reuters
Story
Bank of Russia Considers Approving Stablecoins and Cryptocurrencies for Cross-Border Trades Amid Sanctions
Jul 3, 2024, 06:25 PM
The Bank of Russia is considering approving stablecoins for cross-border trades as local businesses seek alternative methods to conduct trade with China amidst sanctions. Central banker Alexey Guznov has indicated that stablecoins like USDt and USDC, which do not identify their users, are being considered as backup options for sanctioned Russian firms that have lost access to global banks. The Russian regulator is encouraging the use of cryptocurrencies to counter Western sanctions, with discussions about permanently legalizing stablecoins for cross-border payments, according to Reuters.
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