April 2, 2023

  • Russia is currently negotiating with several friendly countries to create a clearing platform using stablecoins
  • The report also added that both the Russian Ministry of Finance and the Bank of Russia believe that “under current conditions, it is impossible without cryptocurrencies.”

according to a Report Published by local media agency TASS, Russia is currently negotiating with several “friendly” countries to create a clearing platform using stablecoins.

Russia may use stablecoins as clearing platforms for cross-border payments.

According to the report, Russian Finance Minister Alexey Moiseyev said the country is currently in talks with several countries to establish clearing platforms to facilitate cross-border payments using stablecoins.

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The report cites how the Bank of Russia and the Ministry of Finance agreed that “cross-border settlements without cryptocurrencies are practically impossible” under the current circumstances.

In addition, Moiseyev reiterated that Russia is currently negotiating with several “friendly countries” to create bilateral platforms that do not include the use of euros or dollars for cross-border payments.

“We are currently working with several countries to create bilateral platforms so that the USD and EUR are not used. We provide mutually acceptable tokenization tools that will be used on these platforms, which are essentially what we are currently developing with these countries clearing platform. Stablecoins can be pegged to some recognized instrument, such as gold, whose value is clearly visible to all participants,” as Moiseyev said

Stablecoins are often considered safe cryptocurrencies to experiment with, as they are usually the type of cryptocurrencies that are pegged to the value of a stable fiat currency such as the U.S. dollar or euro.

Russia is having some trouble developing an effective cross-payment mechanism that can support and revitalize bilateral ties.The country was recently sanctioned EU Removed from a global payment system called SWIFT for repeated incursions into Ukraine. The sanctions are aimed at limiting Russia’s industrial ability to obtain critical goods and services.

The report further added that the Russian Ministry of Finance looks forward to discussing and resolving issues related to cross-border payments via cryptocurrencies at the upcoming fall session of the State Duma, the lower house of parliament.

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