Since February 2022, Russian businesses have faced significant payment difficulties due to sanctions and compliance measures, affecting both sanctioned companies and those not directly targeted. Alexei Guznov, chairman of the Central Bank of the Russian Federation, announced that proposals to legalize stablecoins for international settlements have been formulated. The primary goal is to regulate the transfer, accumulation, and use of these assets for cross-border payments within Russia.
The Ministry of Finance is also evaluating this issue. Experts believe the legalization of stablecoins will become a permanent norm rather than an experimental measure. They highlight several advantages of using these assets for cross-border payments:
- Speed and Cost: Stablecoin transfers are much faster and cheaper than traditional banking systems.
- Simplicity: Users do not need to open a bank account or undergo complex registration procedures.
- Security: Blockchain technology protects stablecoins, making them secure and tamper-resistant.
- Accessibility: Anyone with internet access can use cryptocurrencies.
Legalizing stablecoins could open new opportunities for Russia, particularly in resuming trade with countries that have imposed sanctions.
The Russian Central Bank has long opposed the use of cryptoassets. However, external circumstances are gradually forcing the regulator to reconsider its stance.
In March, President Vladimir Putin signed a law authorizing the use of digital financial assets (DFAs) for cross-border settlements. However, implementation has stalled due to secondary sanctions risks and low liquidity of DFAs.
Meanwhile, Russian commodity companies are already using the Tether (USDT) stablecoin for cross-border transactions with China. Although it may take some time for authorities to reach a decision, the current shift highlights the resilience of cryptocurrencies and their expanding role in global trade.
