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Russia Leads Multinational Stablecoin Initiative

Russian President Vladimir Putin is the most influential person in the blockchain industry, according to Changpeng Zhao, the CEO of major cryptocurrency exchange Binance, which added five trading pairs: Binance Coin (BNB), Bitcoin (BTC), Ether (ETH) and XRP at the beginning of December, as well as adding Tether (USDT) later the same month against the Russian ruble.

Putin was the first to propose a multinational cryptocurrency along with the Eurasian Economic Union, or EAEU, and BRICS countries after being advised by Vitalik Buterin in the wake of the 2017 cryptocurrency bubble.

Related: Pax Crypto: Russia Proposes First Multinational Cryptocurrency, Expert Blog

With the EAEU’s Trade and Economic Cooperation with China coming into effect this year, Russia, with full support of the EAEU countries and BRICS Business Council, is seeking to establish a multinational stablecoin backed by commodities; along with BRICS pay, a cloud platform that will connect the countries’ national payment systems through a mobile payment app. Russia, India and China are planning to link national payment messaging systems, China’s CIPS and Russia’s FMSB, to accomplish this. This will be a major step on the path to dedollarization and a decoupling from the current United States-controlled global banking system, and could lay the foundation for BRICS member state integration. The Bank of Russia, the country’s central bank, has already begun testing stablecoins pegged to commodities in a regulatory sandbox. 

Related: BRICS Nations Discuss Shared Crypto to Break Away From USD and SWIFT

Digitalization is a priority

Russia is the world’s largest country. It is a leader in technology and a primary energy producer and exporter, with 80% of its economy dependent on exporting natural gas, oil — including high-sulfur fuel oil — metals and timber. 

In Soviet times, Russia’s centralized electricity plants powered many iron-curtain countries from Romania to...

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