Russia Leads Multinational Stablecoin Initiative

Published on by Cointele | Published on

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.

In Soviet times, Russia's centralized electricity plants powered many iron-curtain countries from Romania to Ukraine, and still remains an important player in the global energy system, providing 10% of global primary energy production and 16% of international energy trade.

Russia ranks fourth in the world in primary electricity production, energy consumption and carbon dioxide emissions, as the country is 70% electrified by hydrocarbon energy.

The Russian Natural Resources and Environment Ministry acknowledged that Russia is heating faster than the rest of the world - warming 2.5 times quicker than the planet's average - as wildfires raged across country-size tracts of Siberian forest, followed by extreme flooding.

The lack of compliance implies that Russia will not be auditing its huge inland waterway and deepsea fleets in Russian-controlled waters, which account for 53% of the Arctic Ocean coastline, as it unveils major plans for Arctic oil and gas drilling and shipping.

In 2011, Russia and India launched a scientific-educational satellite called YouthSat to study solar-terrestrial relationships.

Tax policy in Russia and Member StatesRussia taxes 13% of CO2 emissions from energy use.

According to an IMF report, Russia ranks number three in subsidies to the hydrocarbon industry, at $551 billion, and holds the world's largest natural gas reserves.

Russia ratified the Paris Agreement during the longest-ever United Nations climate summit, which ended without a deal to regulate carbon markets.

Amid European Central Bank officials urging European banks to develop a cheaper alternative to Facebook's Libra stablecoin, which could potentially reach 2.7 billion users, Russia is taking the lead in issuing a multinational stablecoin backed by commodities.