The Communist Party of the Russian Federation proposed to legalize stablecoins for gold in Russia

In an effort to enhance cross-border payments and address the unreliable nature of traditional banking in light of challenging foreign policy situations and sanctions, State Duma deputies from the Communist Party faction have proposed the legalization of stable digital coins backed by gold. This proposal aims to introduce a definition for gold-backed stablecoins in the law on digital financial assets, as the current legal regime for stablecoins remains unregulated. While the DFA law currently prohibits the use of digital currency for payments by Russian firms and resident individuals, the bill suggests that gold-backed stablecoins could be utilized as settlement currencies for export transactions without serving as a means of payment for various services or goods within Russia. As the spring session approaches, the Russian parliament has emphasized its commitment to thoroughly review bills related to cryptocurrency regulation and the introduction of a digital ruble.