Bank of Russia Considers Legalizing Stablecoins for Trade with China
(Originally posted on : Crypto News – iGaming.org )
Russia’s central bank, the Bank of Russia, is considering legalizing stablecoins for cross-border transactions. This move aims to maintain trading activity with China amid ongoing sanctions.
In an interview with Russia’s state newspaper Izvestia, central bank deputy governor Alexei Guznov confirmed the proposal is under discussion. The goal is to regulate the entire process, enabling individuals to “transfer these assets into Russia, accumulate them, and use them for international payments.”
Guznov mentioned that this initiative might transition from a temporary experiment to a permanent regulatory framework. However, he did not disclose specific approval timelines.
Addressing Previous Concerns
Unlike Bitcoin (BTC) and other traditional cryptocurrencies, stablecoins are typically backed by assets and have a central issuer. This characteristic addresses the Bank of Russia’s past concerns about digital assets. Recent shifts suggest the central bank is adapting its stance, especially as major Russian metal producers have started using stablecoins for transactions with China. Traditional payment methods face severe limitations due to sanctions.
The Bank of Russia’s exploration of stablecoins reflects a strategic adaptation to economic challenges, ensuring continued trade with China.
New players only. 250% on 1st Deposit + $125 Free Chip