UDC 339.738

DOI: http://doi.org/10.15350/2409-7616.2023.3.08

Grishin V.S.¹ (Moscow, Russian Federation) – Grishin_V_S@my.mgimo.ru, Soloviev I.V.² (Moscow, Russian Federation) – solovevv.ivan@yandex.ru, Shuklina K.A.¹ (Moscow, Russian Federation) – Shuklina_K_A@my.mgimo.ru, Osipov V.S.^2,3 (Moscow, Russian Federation) – vs.ossipov@gmail.com

¹Moscow State Institute of International Relations

²RANEPA

³Lomonosov Moscow State University

Abstract. Representation of the problem. Currently, Russia is the country against which the largest number of sanctions have been imposed. As a result, a great number of unsolved problems have arisen, one of those problems is the conduct of international settlements. Relevance. In the context of economic uncertainty and instability the role of cryptocurrencies as a potential alternative to traditional settlement systems, particularly has surged. The unstable global banking system, characterized by economic crises, bank failures, political tensions, and imposed sanctions, has highlighted the need for alternative financial solutions. Cryptocurrencies, with their decentralized nature, offer a potential solution to some of these challenges by reducing reliance on centralized banking institutions and promoting financial inclusion. Moreover, in recent years, cryptocurrencies have gained considerable attention and adoption due to their borderless nature and potential for faster, more cost-effective transactions. For Russia, the rise of cryptocurrencies provides numerous opportunities, as embracing cryptocurrencies could offer new economic prospects by attracting investment, fostering innovation, promoting financial inclusion and solving settlement problems caused by sanctions. Moreover, Russia has a strong technology sector, and supporting the development of blockchain and cryptocurrency projects could further strengthen this industry. Tasks. In order to capitalize on the opportunities presented by the rising popularity of cryptocurrencies, Russia must develop a balanced regulatory approach that promotes innovation while addressing potential risks. This could involve creating a clear legal framework for cryptocurrencies, implementing measures to prevent illegal activities, and promoting education and awareness about digital assets. By doing so, Russia could harness the potential of cryptocurrencies in the context of an unstable global banking system and create new prospects for its economy.

Keywords: Russia, cryptocurrencies, sanctions, BRICS, Ripple, stablecoin, infrastructure, regulations.

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For citation:  Grishin V.S., Soloviev I.V., Shuklina K.A., Osipov V.S. Prospects of using digital assets in international settlements in Russia. CITISE, 2023, no. 3, pp. 93-103. DOI: http://doi.org/10.15350/2409-7616.2023.3.08