The Central Bank of Russia is considering legalizing stablecoins as a means of payment for cross-border settlements and other international operations.
This was reported by the local media Izvestia, highlighting that the country's Central Bank is considering a bill that will allow the use of stablecoins such as USDT for cross-border settlements and commercial operations with the countries that make up the BRICS group, which include Brazil, India, China and South Africa.
According to the report, Russia is considering legalizing stablecoins as a means of payment for international trade transactions because this class of cryptoassets offers accessibility, speed and security without being affected by the typical volatility of cryptocurrencies. This is thanks to the fact that stable currencies, as their name indicates, have the ability to ensure price stability by being backed by specific assets, such as fiat currencies, precious metals, among others. In the case of USDT, the stablecoin developed by Tether Limited is backed by the US dollar in a 1:1 ratio.
The media reported that the Russian government believes that there is enormous and promising potential in stablecoins to increase the speed and accessibility of financial transactions while simplifying the process for these types of operations.
In addition to the above, Russia estimates that the use of stablecoins could help the country overcome the economic sanctions imposed against it by the United States.
Russia considers permanent regulation for stablecoins
Alexey Guznov, vice president of the Russian central bank, confirmed that it is considering establishing a permanent regulation for stablecoins in the country, instead of implementing an experimental environment through a regulatory sandbox.
Guznov also noted that this regulation will not only legalize the use of stablecoins in cross-border transactions, but will be designed to regulate the entire chain of transactions with stablecoins, which includes everything from commercial transfers within the territory of the Russian Federation to cross-border payments. and accumulation.
Although a definitive regulation for stablecoins has not yet been formulated, the vice president of the central bank detailed that several proposals have already been presented that are currently under consideration and that could turn this class of digital assets into a permanent solution to business challenges facing the nation.
On the other hand, experts point out that stable currencies can be adapted to the needs of the nation, which is why their legalization and adoption will optimize international transactions for both the government and the country's companies.
Stable currencies in international trade
Stablecoins have gained great importance in international trade for several reasons. One of them is the price stability they offer, which makes them less volatile than common cryptocurrencies like Bitcoin or Ethereum.
Likewise, stablecoins are ideal for foreign trade transactions due to the Transaction speed and reduced commission rates, compared to traditional international payment methods. In that sense, stablecoin users can send money faster and cheaper than with bank transactions and, all this, without sacrificing the security of payments.
On the other hand, stablecoin transactions are not subject to the onerous verification processes that payments implement, allowing transaction times to be significantly reduced.
All the advantages that stablecoins offer in international trade allow for payments in a more dynamic and less bureaucratic way, which translates into a lighter and more efficient process.
Currently, stablecoins have become a global means of payment, mobilizing more than $6,8 trillion in trading volume during the first quarter of this year.
