Russia Exploring Stablecoin Settlements With Friendly Nations: Report

President Vladimir Putin had signed a law banning digital payments earlier this summer.

AccessTimeIconSep 6, 2022 at 4:22 p.m. UTC
Updated Sep 6, 2022 at 4:41 p.m. UTC

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

Russia is talking to several friendly countries about launching clearing platforms for cross-border settlements in stablecoins, according to a report from Russian news agency Tass.

Tass quoted Russia’s Deputy Finance Minister Alexey Moiseyev as saying, “We are currently working with a number of 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.”

The report did not name which countries.

Russia has previously taken a hard stance against the use of digital currencies, with President Vladimir Putin signing a law banning digital payments in July and the Bank of Russia pushing for all crypto activity to be banned in the country. The Bank of Russia is also in the process of developing a digital ruble.

But the Finance Ministry and the Bank of Russia agreed that in the current environment, where Russia has been sanctioned because of its invasion of Ukraine, "it is impossible to do without cross-border settlements in cryptocurrency,” Tass quoted the organizations as saying.


DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

CoinDesk - Unknown

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC