The Russian Ministry of Finance is working on stablecoin platforms for international payments.
According to Russian state media, the Russian Ministry of Finance has turned to stablecoins to avoid international payments in US dollars and euros.
Russia Concentrates on Stablecoins
According to the news of Tass, a Russian state news organization, the Russian Ministry of Finance has started working on stablecoin platforms. Deputy Finance Minister Aleksey Moiseyev used the following statements at a conference:
“We are working with some countries to create new bilateral platforms without using dollars or euros. Stablecoins can be linked to assets like gold whose value is understood and known by all parties.
Since the day Russia declared war on Ukraine, it continues to struggle with sanctions from the USA and Europe. After the invasion of Ukraine, Russia was removed from the SWIFT system by the US and EU governments.
Russia is actively exploring many issues to increase the role of the ruble and yuan in hydrocarbon exports and to digitize the ruble. The country has had limited success to date.
In another statement he made the other day, Moiseyev stated that it is a necessity to pay with cryptocurrencies.
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