Russia Is In Talks With Friendly Countries To Establish Cross-Border Payments Using Stablecoins

  • Russia is currently in talks with several friendly nations to create clearing platforms using stablecoins 
  • The report also adds how both the Finance Ministry and Bank of Russia believe that “it would be impossible to do without cryptocurrencies in current conditions.”

According to a report issued by a local media agency Tass, Russia is currently in talks with several “friendly” countries to create clearing platforms using stablecoins.

Russia Might Utilize Stablecoins As Clearing Platforms To Conduct Cross-Border Payments. 

Per the report, Russia’s finance minister Alexey Moiseyev stated that the nation is currently in talks with several countries concerning the creation of clearing platforms for facilitating cross-border payments using stablecoins. 

The report quoted how the Bank of Russia and the Finance Ministry had both agreed on the fact that “it would be nearly impossible to do without cross-border settlements in cryptocurrency” in the present circumstances. 

Furthermore, Moiseyev reiterated that Russia is currently in talks with several “friendly countries” to create bilateral platforms that do not include using Euros or dollars while making cross-border payments. 

“We are currently working with several countries to create bilateral platforms in order not to use dollars and euros. We offer mutually acceptable tokenized instruments that will be used on these platforms, which are essentially clearing platforms that we are currently developing with these countries. Stablecoins can be pegged to some generally recognized instrument, for example, gold, the value of which is clear and observable for all participants,” as stated by Moiseyev 

Stablecoins are generally considered safe crypto to experiment with as they are usually the type of cryptocurrencies that are pegged to the value of a stable fiat currency such as a dollar or Euro. 

Russia has been encountering several troubles while formulating an effective cross-payment mechanism that can support and rejuvenate its bilateral connections. The nation was recently sanctioned by the EU for waging a number of incursions against Ukraine and was removed from the global payments system dubbed SWIFT. The sanctions were aimed to restrict Russia’s industrial capacity to acquire key goods and services.

The report further adds that the Russian Finance Ministry is looking forward to discussing and resolving the issue concerning cross-border payments via cryptocurrencies in the upcoming autumn session of the State Duma, the lower house of parliament