Russia is working on plans to officially legalise the use of stablecoins to facilitate international trade transactions. This step aims to provide support to local companies experiencing economic difficulties, especially due to Western sanctions. According to a statement by the Central Bank of Russia, regulations on stablecoins are being actively discussed.
Alexey Guznov, deputy governor of the Central Bank, stated that stablecoin transactions should be fully regulated and that these regulations could be permanent. Under these regulations, stablecoins are planned to enter Russia, be kept within the country and be used in international transactions.
The Russian Union of Industrialists and Entrepreneurs emphasises that it is of great importance to use stablecoins in international transactions, especially in this period when Russian banks, which have been removed from the SWIFT system, are struggling. If legalised, stablecoins could be widely used by Russian businesses and government departments, simplifying transaction processes while also providing taxation opportunities.
