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Learning & News => News related to Crypto => Topic started by: sirty143 on July 05, 2024, 06:29:10 AM

Title: Russia To Regulate the Use of Stablecoins for Cross-Border Settlements
Post by: sirty143 on July 05, 2024, 06:29:10 AM
Russia in the Process of Regulating the Use of Stablecoins for Cross-Border Settlements

Russia is considering adding the subject of stablecoins to an upcoming bill, allowing them to be used officially for completing cross-border payments. Alexey Guznov, Deputy Chairman of the Bank of Russia, declared that proposals have already been presented... See more for yourself here (https://news.bitcoin.com/russia-in-the-process-of-regulating-the-use-of-stablecoins-for-cross-border-settlements/).

Your opinion is greatly appreciated.
Title: Re: Russia To Regulate the Use of Stablecoins for Cross-Border Settlements
Post by: TomPluz on July 05, 2024, 08:37:13 AM

A very big good news for stablecoins most especially USDT as this can be a new market to explore and a possible big profit center for  iFinex. I am glad that Russia is not instead pushing its own CBDC on the scene and instead recognized what is something that is already working and tested to some degree. Russia hates the USA Dollar and it is doing all itcan to somehow NOT directly involves with it so they are now seeing USDT as a more acceptable option. Now, I am still hoping for the time when Russia will allow the cryptocurrency industry to make some solid footing on the country with the government as the partner for growth and not an enemy right on its face.
Title: Re: Russia To Regulate the Use of Stablecoins for Cross-Border Settlements
Post by: pakhitheboss on July 05, 2024, 08:56:53 AM
Quote from: TomPluz on July 05, 2024, 08:37:13 AM

A very big good news for stablecoins most especially USDT as this can be a new market to explore and a possible big profit center for  iFinex. I am glad that Russia is not instead pushing its own CBDC on the scene and instead recognized what is something that is already working and tested to some degree. Russia hates the USA Dollar and it is doing all itcan to somehow NOT directly involves with it so they are now seeing USDT as a more acceptable option. Now, I am still hoping for the time when Russia will allow the cryptocurrency industry to make some solid footing on the country with the government as the partner for growth and not an enemy right on its face.

I do not think this is a piece of good news as Russia has lost a big chunk of its USD due to sanctions by the US and the EU. USDT is pegged to USD which is again looking like a dependence to USD. Furthermore, Tether has always been known for its controversial decisions and agreeing to the US government agency's decisions. They can freeze USDT which should be an area of concern that Russia should not forget if they are going with this.
Title: Re: Russia To Regulate the Use of Stablecoins for Cross-Border Settlements
Post by: target on July 05, 2024, 09:49:32 AM

They were trying to avoid using USD not just because they were sanctioned but also the US government can seize their USD. But this they are going ti be using USD stablecoin which can also be sanctioned. Do they think US will not freeze their USDT?

This is just a proposal from their official. But what they should be doing is create their own Ruble stablecoin that they could also freeze. Putin will like that kind of power.
Title: Re: Russia To Regulate the Use of Stablecoins for Cross-Border Settlements
Post by: Charles-Tim on July 05, 2024, 12:58:44 PM
Is this a joke or what? Or did Russia not know that stable coins like USDT and USDC can be frozen? Only what United States will tell Tether Limited is to freeze the coin. Or United States will not have much control on the Stable coins?

Also that I was thinking Russia is looking for dedollatization. If stable coins are allowed and regulated by Russian government, are they not helping dollarization.

Although, even as Russian government want dedollatization, there would still be many Russians that will be buying stable coins which could be the reason for the regulations.
Title: Re: Russia To Regulate the Use of Stablecoins for Cross-Border Settlements
Post by: Husires on July 05, 2024, 01:41:40 PM
I do not think that regulating or allowing stablecoins linked to USD would be beneficial for Russia, as most of these stablecoins could be frozen or United States could impose sanctions on, so perhaps they are talking about decentralized stablecoins or stablecoins away from the dollar.

Quote
Different Russian personalities have declared in favor of using stablecoins, tokens pegged to the value of other assets or fiat currencies (mostly the U.S. dollar), for cross-border settlements due to their versatility and lack of volatility at the time of making payments. Alexander Murychev, executive vice president of the Russian Union of Industrialists and Entrepreneurs, stated these were “very promising” in this regard.
Title: Re: Russia To Regulate the Use of Stablecoins for Cross-Border Settlements
Post by: Crwth on July 05, 2024, 01:52:31 PM
As long as the process of the ministry of finance and bank of russia is involved, it could be a good thing for cryptocurrency as a whole. Having to deal with it entirely makes it even more amazing that it is being used already.

Since some companies already use it, I don’t know how it would lead negatively now.
Title: Re: Russia To Regulate the Use of Stablecoins for Cross-Border Settlements
Post by: Stompix on July 05, 2024, 03:38:07 PM
Russia propaganda:
The dollar is dead, we're using yuans and rubles for trade, and the new BRICS currency will replace the dollar!
Actual Russia and China trade:
Quote
In June, reports indicated that two top Russian metal producers were using Tether’s USDT to pay and receive payments from Chinese counterparts.

You have to love how they hate the dollar and yet they simply can't stay away from it since it's the only damn currency that matters I trade!

Quote from: Charles-Tim on July 05, 2024, 12:58:44 PM
Also that I was thinking Russia is looking for dedollatization.

Yeah, just as he plans to replace all Western products with Russian ones, this was the plan he was telling Kim while driving a Mercedes! All Russian businesses and Putin's cronies have their bags full of USD, the whole de-dollarization is just a circus for the masses to have someone to blame for all the shit going on in the country.

Title: Re: Russia To Regulate the Use of Stablecoins for Cross-Border Settlements
Post by: Gurujebs on July 05, 2024, 03:56:06 PM
Quote from: sirty143 on July 05, 2024, 06:29:10 AM
Russia in the Process of Regulating the Use of Stablecoins for Cross-Border Settlements

Russia is considering adding the subject of stablecoins to an upcoming bill, allowing them to be used officially for completing cross-border payments. Alexey Guznov, Deputy Chairman of the Bank of Russia, declared that proposals have already been presented... See more for yourself here (https://news.bitcoin.com/russia-in-the-process-of-regulating-the-use-of-stablecoins-for-cross-border-settlements/).

Your opinion is greatly appreciated.

They should focus their energy on centralized stablecoins since they are not in good terms with US but should leave decentralized stablecoins to flourish atleast for everyone.

I think when Russia make an announcement, there should be an action. I read somewhere they are about to stop using dollars and all sort of things but all this py happen in news, there is no action. If this continues, they will only be seen as noise country who don't have balls to stick to what they say. Last but not the least, they should allow Bitcoin to strive atleast, because the way the media has been painting their social war on the internet seems their people might need Bitcoin sooner or later if something happens tomorrow.
Title: Re: Russia To Regulate the Use of Stablecoins for Cross-Border Settlements
Post by: yhiaali3 on July 05, 2024, 09:34:55 PM
Adding centralized stablecoins, especially USDT, will not help Russia at all if its intention is to evade international sanctions or de-dollarize, because USDT simply belongs to a centralized Tether company that is entirely controlled by the US government.

They may benefit if they use decentralized stable currencies that are not regulated by the United States, or they may use Bitcoin or alternative cryptocurrencies that are decentralized and maintain privacy. As for using USDT, it is no different from using USD.
Title: Re: Russia To Regulate the Use of Stablecoins for Cross-Border Settlements
Post by: Captain Corporate on July 05, 2024, 09:41:29 PM
Regulate is a bit of a stretch in this situation. This is why I highly suggest that people take this with grain of salt since it may not be all that true. I am not saying that they are not going to do it, of course they may do it, I am just saying that we are going to end up with something that will take a while and thats teh most important part. Russia always tries to do some "regulations", which is basically Russian way of saying "we would like to know all about it", and they would prefer to keep tabs on every single person who lives in Russia if they can, and wouldn't want a single detail of their life going unnoticed, sort of 1984 type of deal. But at the same time, we are in the modern world, if you want to hide something then you can hide it and it won't be that hard to do that neither, it would be quite simple.
Title: Re: Russia To Regulate the Use of Stablecoins for Cross-Border Settlements
Post by: NotATether on July 12, 2024, 04:16:46 PM
Quote from: Stompix on July 05, 2024, 03:38:07 PM
Russia propaganda:
The dollar is dead, we're using yuans and rubles for trade, and the new BRICS currency will replace the dollar!
Actual Russia and China trade:
Quote
In June, reports indicated that two top Russian metal producers were using Tether’s USDT to pay and receive payments from Chinese counterparts.

You have to love how they hate the dollar and yet they simply can't stay away from it since it's the only damn currency that matters I trade!

And the fact is that they can't even replace the dollar with an alternative that actually follows the dollar with a minimal deviation, they had to choose USDT which sometimes de-pegs briefly, and for the volume of trade they are doing, I'm sure it shaves off a couple thousand dollars on the trading price because of this.
Title: Re: Russia To Regulate the Use of Stablecoins for Cross-Border Settlements
Post by: Stompix on July 14, 2024, 05:01:27 PM
Quote from: NotATether on July 12, 2024, 04:16:46 PM
Quote from: Stompix on July 05, 2024, 03:38:07 PM
~

And the fact is that they can't even replace the dollar with an alternative that actually follows the dollar with a minimal deviation, they had to choose USDT which sometimes de-pegs briefly, and for the volume of trade they are doing, I'm sure it shaves off a couple thousand dollars on the trading price because of this.

Well, technically as long as they don't convert it and only use USDT it won't de-peg on the volume, the funny thing is that they would need for this to buy USDT in the first place so they will drive the value of the $ again their won currency making it even harder for them to get it, much like the Weimar republic tried to pay its debt.

Anyhow it's just propaganda for the masses, the elites are still sending their kids to Europe, still spending money in Europe, still holding euros and USD in their banks, same for everyone else, look at all those dictators screaming colonialism while having millions in their bank accounts in France and the UK.