{"id":10372,"date":"2024-02-02T11:26:05","date_gmt":"2024-02-02T09:26:05","guid":{"rendered":"https:\/\/forklog.com\/en\/russia-proposes-amendments-for-stablecoin-use-in-foreign-trade\/"},"modified":"2024-02-02T11:26:05","modified_gmt":"2024-02-02T09:26:05","slug":"russia-proposes-amendments-for-stablecoin-use-in-foreign-trade","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/russia-proposes-amendments-for-stablecoin-use-in-foreign-trade\/","title":{"rendered":"Russia Proposes Amendments for Stablecoin Use in Foreign Trade"},"content":{"rendered":"<p>A group of deputies from the Communist Party faction has submitted a bill to the State Duma introducing the concept of a secured stablecoin and permitting its use in foreign trade transactions. The <a href=\"https:\/\/sozd.duma.gov.ru\/stat\/spzistad\/4\/I\">document<\/a> is published in the parliamentary electronic database.<\/p>\n<p>The amendments are proposed for the law &#8220;On Digital Financial Assets&#8221; (&#8220;On DFA&#8221;) and suggest classifying stablecoins backed by gold under this category.<\/p>\n<p>Currently, Russian legislation does not regulate the legal status of &#8220;stable coins,&#8221; and individuals and legal entities are prohibited from using digital currency for payments. Previously, the Bank of Russia noted that it considers stablecoins as monetary surrogates alongside cryptocurrency.<\/p>\n<p>According to the authors of the bill, their proposed approach would resolve difficulties in conducting cross-border payments resulting from foreign economic activities under geopolitical pressure.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cA gold-backed stablecoin could become a currency for settlements in export deals, without becoming a means of payment for completed work, services rendered, goods supplied, or a means of settlement between individuals within Russia,\u201d the explanatory note states.<\/p>\n<\/blockquote>\n<p>The deputies highlighted ongoing negotiations on creating a gold-backed stablecoin for cross-border settlements between Russia and Iran.<\/p>\n<p>In September 2023, the Russian government announced that it is working with the Central Bank on launching cross-border settlements using DFAs and utility digital rights.<\/p>\n<p>In December, the Exved exchange was launched to facilitate cross-border payments for Russian importers and exporters engaged in foreign economic activities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A group of deputies from the Communist Party faction has submitted a bill to the State Duma introducing the concept of a secured stablecoin and permitting its use in foreign trade transactions. The document is published in the parliamentary electronic database. The amendments are proposed for the law &#8220;On Digital Financial Assets&#8221; (&#8220;On DFA&#8221;) and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,27,807],"class_list":["post-10372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-russia","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=10372"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10372\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/10371"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=10372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=10372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=10372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}