Russian Regulations on Stablecoins in Cross-Border Settlements Underway

Russia is moving forward with plans to incorporate stablecoins into an upcoming bill, allowing their official use for cross-border payments. 

Alexey Guznov, Deputy Chairman of the Bank of Russia, has confirmed that proposals are under discussion. The Ministry of Finance has also verified that work is ongoing in this area. 

Guznov emphasized the need to resolve technical details, including regulations governing the entire process of receiving, storing, and utilizing these digital currencies for international transactions. This development reflects a growing acceptance of stablecoins’ potential benefits in easing cross-border trade amid geopolitical tensions.

Clever Robot News Desk 7th July 2024

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