With the focus on establishing cross-border stablecoin-based payments platforms, Russia is in talks with the governments of friendly nations supporting the initiative.
According to Deputy Finance Minister Alexey Moiseyev, the Russian government is currently working with a number of countries to create bilateral platforms in order to not use euros and dollars. The aim is to offer mutually acceptable tokenized instruments that will be used on these stablecoin-based payment platforms.
Moiseyev said that stablecoins can be pegged to some generally recognized instruments, for instance, gold, the value of which is observable and clear for all participants. Previously, the Finance Ministry and the Bank of Russia agreed that it is impossible to do without cross-border settlements in cryptocurrency, considering current conditions.
The Finance Ministry believes to resolve the issue related to cross-border payments in cryptocurrencies during the autumn session of the State Duma.