“Stablecoins can be pegged to some generally recognized instrument, for
example, gold, the value of which is clear and appreciable for all
parties involved," said Alexey Moiseev.
Russia's Finance Ministry has reportedly begun working with the
governments of “friendly” nations to establish a cross-border
stablecoin-based payments platform.
According to a Tuesday report from Russia state-owned news agency TASS, Deputy Finance Minister Alexey Moiseev said
the government was looking to create the settlement platform to avoid
the use of U.S. dollars and euros. The finance minister reportedly said
the Russian government would need to impose additional regulations to
enact the platform between itself and friendly nations — possibly
including China, Belarus and North Korea.
“We offer mutually
acceptable tokenized instruments that will be used on these platforms,
which are essentially clearing platforms that we are currently
developing with countries,” said Moiseev. “Stablecoins can be pegged to
some generally recognized instrument, for example, gold, the value of
which is clear and appreciable for all parties involved.”
Russia
has been the target of severe sanctions imposed by the United States and
the European Union following the country’s invasion of Ukraine in
February. The EU announced in March it planned to remove many Russian banks
from the Society for Worldwide Interbank Financial Telecommunication,
or SWIFT, messaging system, and the U.S. Office of Foreign Assets
Control added several Russian entities and nationals to its list of
Specially Designated Nationals.
Related: The world has synchronized on Russian crypto sanctions
Amid
the war in Ukraine, reports have suggested Russian officials had been
exploring using cryptocurrencies to evade the imposed sanctions. In
July, President Vladimir Putin signed a bill banning digital assets as payments into law, but the country’s central bank has reportedly considered using crypto for cross-border payments.
source link : https://cointelegraph.com/news/russian-gov-working-on-stablecoin-settlement-platform-between-friendly-nations-state-media
