The Bank of Russia is exploring the possibility of legalizing stablecoins for cross-border transactions, a move that could provide alternative trading avenues amid ongoing economic sanctions.
Alexei Guznov, deputy governor of the central bank, revealed this development in an interview with the state newspaper Izvestia.
Guznov explained that discussions and proposals are underway to regulate stablecoins, with the aim of establishing a framework that would allow individuals to transfer these assets into Russia, accumulate them domestically, and use them for international payments. The proposed regulations would cover the entire process chain, potentially making stablecoin use a permanent feature rather than an experimental measure.
Guznov further noted that this initiative is part of a broader discussion on using cryptocurrencies for cross-border payments that has been ongoing since 2023 and a bill was drafted in April by the State Duma to regulate potential experiments in this area.
The Ministry of Finance has also confirmed its active involvement in this project, according to Izvestia.
Russia’s evolving stance on digital currencies comes amid global economic challenges and reflects the country’s search for alternative financial solutions. The European Council recently announced its 14th sanctions package, which targeted cryptocurrency providers outside of Europe that supported Russia’s defence-industrial base. These measures were aimed at strengthening restrictions on important sectors of the Russian economy, such as energy, finance, and trade.
This shift, particularly to cryptocurrencies and related technologies, is further evidenced by recent reports of significant growth potential in Russia’s crypto mining capacity. Andrey Katayev, Director of Energy Markets and External Relations at the Russian Power System Operator, reportedly stated that the current cumulative crypto mining capacity in Russia is 2.7 GW, with domestic miners eager to expand this capacity by 2.5 times to 6.9 GW in the near future.
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