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Russia eyes stablecoin platforms for settlements with friendly countries

Earlier, the Finance Ministry and the Bank of Russia agreed that in the current conditions "it is impossible to do without cross-border settlements in cryptocurrency"

VLADIVOSTOK, September 6. /TASS/. Russia is working with several friendly countries on the creation of clearing platforms for cross-border settlements in stablecoins, Deputy Finance Minister Alexey Moiseyev said on Tuesday.

Stablecoins are cryptocurrencies where the price is designed to be pegged to a reference asset.

"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. Stablecoins can be pegged to some generally recognized instrument, for example, gold, the value of which is clear and observable for all participants," Moiseyev said.

Earlier, the Finance Ministry and the Bank of Russia agreed that in the current conditions "it is impossible to do without cross-border settlements in cryptocurrency." The Finance Ministry hopes to resolve issues related to cross-border payments in cryptocurrencies during the autumn session of the State Duma, the lower house of parliament.

Organized by the Roscongress Foundation, the Seventh Eastern Economic Forum will be running from September 5 to September 8 in Vladivostok. TASS is the event’s general information partner and its official photohost agency. This year, the theme of the forum is: "On the Path to a Multipolar World."

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