The Russian Ministry of Finance has reportedly started working with the government of “friendly” countries to create a cross-border stablecoin payment platform.
According to the Russian news agency TASS on Tuesday. Deputy Finance Minister Alexey Moiseev saidThe government is looking to create a payment platform to avoid the use of US dollars and euros. It was reported that the Minister of Finance said that The Russian government will have to enact additional regulations to legalize the platform between itself and hostile countries. This could include China, Belarus and North Korea.
Moiseev said, “We will be introducing a mutually recognized token tool that will be used on these platforms. “Stablecoins can also be pegged to well-known instruments such as gold, whose value is clear and valuable to all parties involved.”
Russia has been the target of severe sanctions by the United States and the European Union. After the invasion of Ukraine in February The European Union announced in March it plans to remove several Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
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