Russia Considers Legalizing Stablecoins for Cross-Border Transactions
CryptoNewsTerminal Staff03 Jul, 2024
Russia Considers Legalizing Stablecoins for Cross-Border Transactions
Russia is reportedly exploring the legalization of stablecoins for use in cross-border settlements, according to Russian state media. The proposal has been under discussion since spring 2023. It is unclear which specific stablecoins are being considered. Alexei Guznov, Deputy Chairman of the Central Bank of Russia, stated that "additional measures of regulation will be developed to protect the interests of the Russian Federation." This suggests that Russia is cautious about potential risks associated with stablecoins.