Stablecoins can bypass traditional systems such as SWIFT and provide potential solutions.
Source: cryptoslate
Compiled by: Blockchain Knight
According to a report from the Russian newspaper "Izvestia" on July 3, citing the Russian Central Bank, the Russian government is considering officially legalizing stablecoins for international transactions to simplify cross-border payments for Russian companies under ongoing sanctions.
The report states that the Central Bank of the Russian Federation (CBR) is actively discussing proposals to allow the use of these crypto assets, which are pegged to stable currencies or assets such as the US dollar or gold, to reduce their volatility compared to other crypto assets.
Alexey Guznov, Deputy Chairman of the Central Bank of Russia, confirmed this move and emphasized that the main focus is on regulating the entire transaction chain, from transferring these assets to Russia to accumulating and using them for cross-border payments.
Guznov stated that this could become a permanent regulation rather than a temporary experiment.
He pointed out that while stablecoins share similarities with digital financial assets (DFA) and crypto assets, adjusting the regulatory framework will be crucial due to their uniqueness and widespread use.
The report suggests that stablecoins are considered a promising international settlement tool, especially in transactions with BRICS countries (including Brazil, Russia, India, China, and South Africa).
Experts believe that these assets can provide significant liquidity and long-term resources to the market. The Russian Union of Industrialists and Entrepreneurs (RSPP) also considers stablecoins as an important tool to strengthen cross-border transactions in the face of Western sanctions.
In March 2024, Russian President Putin signed a law allowing the use of DFA for international payments. However, this process has not been fully implemented due to concerns about secondary sanctions from foreign companies.
Furthermore, Russia's DFA is currently incompatible with the global crypto asset market, limiting its use in international payments due to issues with convertibility and liquidity.
Stablecoins have become a popular tool for global transactions. In the first quarter of 2024 alone, the total value of stablecoin transactions reached $6.8 trillion, almost equivalent to the total volume for the entire year of 2022.
However, in Russia, the use of stablecoins is currently limited to individual company initiatives, with most companies using stablecoins for transactions with China.
Experts emphasize the need for a clear regulatory framework and robust infrastructure to support stablecoin transactions, including establishing the "rules of the game" for crypto assets and mining to promote legal and transparent operations.
If stablecoin payments are legalized, Russian companies (including state-owned enterprises) can widely use stablecoin payments, making the process of such transactions more direct and compliant.
The EU implemented a new round of sanctions in June, prohibiting European organizations from connecting to Russia's SWIFT alternative, the Financial Messaging System (SPFS).
Based on the above, coupled with Russia's disconnection from SWIFT in 2022, the importance of developing alternative payment mechanisms has increased.
Stablecoins can bypass traditional systems such as SWIFT and provide potential solutions to address these challenges.
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