Russia considers permanently legalizing cross-border transfers of stablecoins

According to a report by the Russian Central Bank quoted by Izvestia on July 3, the Russian government is considering the formal legalization of internationally traded stablecoins to simplify cross-border transfers by Russian companies.
According to the report, the Central Bank of the Russian Federation (CBR) is actively discussing proposals to allow the use of these cryptoassets, which are pegged to stablecoins or assets such as the U.S. dollar or gold, making them less volatile than other cryptocurrencies.
CBR Vice Chairperson Alexey Guznov confirmed the move, stressing that the main focus is on regulating the entire chain of transactions, from moving these assets to Russia to accumulating and using them for cross-border transfers. Guznov said that this could be established as a permanent regulation rather than a temporary experiment. While stablecoins share similarities with digital financial assets (DFAs) and cryptocurrencies, fine-tuning the regulatory framework is crucial due to their unique characteristics and widespread popularity.
According to the report, stablecoins are considered a promising tool for international settlement, especially for transactions with the BRICS countries, including Brazil, Russia, India, China, and South Africa.