The Russian Central Bank has unveiled plans to allow domestic corporations to buy foreign stablecoins, but looks set to bar them from buying USDT and USD Coin (USDC).
Per an official Central Bank notice and a report from the Russian media outlet RBC, the bank has put its proposal up for public discussion. It will invite comments on the plan until June 15.
RBC wrote: “Some cryptocurrencies, in particular stablecoins, may fall under the bank’s definition” of foreign digital rights. However, the same media outlet pointed out that the rule change would likely not open the door for Russian firms who wish to trade coins like USDT and USDC.
According to the draft proposal, the bank wants to let Russian legal entities that do not meet the criteria of “qualified investors” to acquire “foreign digital rights. ” The bank said that trading in these assets should be allowed “without any restrictions.”
The new requirements expressly outlaw assets that are underpinned by “securities issued by unfriendly issuers.” They do, however, make an exception for firms who use USDT and USDC as a payment tool in in cross-border trade deals.
In mid-May, the bank updated its requirements for overseas assets allowed to circulate on the Russian market.
Circle, the USDC operator, also holds much of its reserves in the form of short-dated treasuries held in regulated, sanctions-compliant domestic banks. However, the proposed rule change would open the door for Russian firms to do stablecoin-powered business with BRICS nations and other Moscow allies.
Tether’s reserves are reportedly mainly comprised of cash, cash equivalents, short-term deposits, and US Treasury bills.