Russia’s Central Bank Plans to Legalize Cross-Border Stablecoin Transactions

Russian authorities intend to permit the use of stablecoins for international transactions. This was reported to Izvestia by Alexey Guznov, Deputy Chairman of the Central Bank. 

According to him, the issue is to regulate the entire supply chain, which “would allow individuals to transfer [stablecoins] into Russia, accumulate them, and use them for cross-border payments.”

Guznov clarified that this measure might be implemented not as an experiment but as a permanent regulation.

Some stablecoins resemble digital financial assets in certain aspects, while others are more akin to cryptocurrencies, noted the Deputy Chairman of the Central Bank. Therefore, legislative amendments are necessary for the full implementation of the initiative. 

“Understanding is still forming, and I hope it will soon be reflected in the text [of the bill],” the official emphasized.

Representatives of the Ministry of Finance also confirmed that the issue of legalizing stablecoins for cross-border transactions is being worked on. 

The agenda still includes the use of cryptocurrencies in international operations, added Guznov. According to him, this idea has been discussed since 2023, and in April, the State Duma developed a bill regulating the corresponding experiment.

Several experts, including Yuri Belikov, Managing Director of the rating agency Expert RA, told the publication that stablecoins allow for transactions without SWIFT and other payment systems, highlighting their particular relevance under new sanctions. 

Since June 13, the Moscow Exchange halted trading in dollars and euros amid restrictions. The platform was sanctioned by the US along with the National Clearing Center, which acts as a counterparty in all currency transactions on the platform. This situation complicated most currency operations in Russian banks. 

In early July, the RSPP proposed creating a crypto fund for international transactions under sanctions.

Earlier, Deputy Finance Minister Ivan Chebeskov announced that BRICS countries’ regulators are preparing the BRICS Bridge platform for settlements in national digital currencies.