Russian government is working on stablecoin settlement platform between friendly nations: state media

"Stablecoins can be pegged to a generally recognized instrument, such as gold, whose value is clear and appreciable to all parties involved," said Alexey Moiseev.

The Russian Ministry of Finance has reportedly started working with the governments of "friendly" countries to establish a cross-border payment platform based on stablecoins.

According to a Tuesday report by Russian news agency TASS, Deputy Finance Minister Alexey Moiseev said the government was seeking to create the settlement platform to avoid the use of US dollars and euros. The finance minister reportedly said that the Russian government should impose additional regulations to set up the platform between itself and friendly countries, including possibly China, Belarus and North Korea.

“We are offering mutually acceptable tokenized instruments to be used on these platforms, which are essentially clearing platforms that we are currently developing with countries,” Moiseev said. "Stablecoins can be pegged to a generally recognized instrument, for example gold, whose value is clear and appreciable to all parties involved."

Russia has been the target of severe sanctions imposed by the United States and the European Union following the country's invasion of Ukraine in February. The EU announced in March that it planned to remove many Russian banks from the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, messaging system, and the US Office of Foreign Assets Control added several entities and Russian nationals to its list of specially designated nationals. /p>

Related: ...