Stablecoin pegged to a basket of currencies as a promising tool for the Russian Federation's transition to settlements in national currencies

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In the post-2022 financial sanctions universe Russian business and financial system have urgently faced the demand for sustainable cross-border settlements. In 2024 the necessary legal basis for cross-border digital payments has been adopted in Russia. Although the existing most liquid stablecoins seem to be most appropriate for such payments, they tend to incur substantial risk given the nature of crypto currency markets and infrastructure. As such, an alternative approach based on BRICS currencies basket-backed stablecoin is presented. The appropriate ways of backing its value, as well as possible forms of the infrastructure organization are discussed. The most evident advantage of the approach is the relative simplicity of launch of the proposed financial instrument.

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Settlements in national currencies, cross-border payments, digital currencies, cryptocurrencies, stablecoin, currency basket, BRICS

Короткий адрес: https://sciup.org/142245377

IDR: 142245377

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