Russia Exploring Stablecoin Payments with Friendly Nations: Report
Russia is in discussion with several friendly nations about launching clearing platforms for cross-border payments in stablecoins, as per a report from Russian news agency Tass.
Tass mentioned that Russia is Deputy Finance Minister Alexey Moiseyev as saying, “We are currently in discussion with a number of nations to create bilateral platforms in order to not use global fiat such as dollars and euros. We offer mutually acceptable tokenized payment modes that will be used on these platforms, which are essentially clearing platforms that we are currently developing with these nations.”
The report did not name the friendly nations Russia in discussion with.
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Russia has formerly taken a hard stance against the use of virtual currencies, with President Vladimir Putin signing a law banning digital payments in July and the Central Bank of Russia pushing for all Cryptocurrency activity to be banned in the country. The Central Bank of Russia is also in the process of developing a digital ruble.
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But the Russian Finance Ministry and the Central Bank of Russia agreed that in the current environment, where Russia has been sanctioned financially and economically because of its invasion of Ukraine, "it is impossible to do without cross-border payments in Cryptocurrency,” Tass report quoted the organizations as saying.
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