Российский внешнеэкономический вестник Russian Foreign Economic Journal 10.64545/2072-8042-2026-4-73-88 Внешнеторговая деятельность Эмиссия стейблкоина внутри БРИКС и перспективы внедрения во взаимной торговле BRICS Stablecoin Issuance and Prospects for Adoption in Mutual Trade Гиваргизова Лидия Станиславовна Гиваргизова Лидия Станиславовна Givargizova Lidia Stanislavovna givargizovalidia88@gmail.com 0000-0003-4747-4169 Всероссийская академия внешней торговли (Москва, Россия) Russian Foreign Trade Academy (Moscow, Russia) 22 09 2026 2026 4 73 88 2026 Гиваргизова Л.С. Givargizova L.S. CC BY-NC 4.0

С момента своего создания криптовалюта стала широко обсуждаемой, но недостаточно понимаемой технологией, связанной с финансами. В статье рассматривается конкретный вид криптовалюты – стейблкоин, который при государственном регулировании и внедрении во внешнеторговые операции, должен работать как экономически эффективная система денежных переводов в обход системы SWIFT. Актуальным становится для России внедрение цифровых технологий во внешнеэкономическую деятельность в рамках интеграционных проектов в обход введенных санкций. В современных условиях важным блоком является БРИКС. В связи с этим считаем необходимым исследование по внедрению цифровых технологий во внешнеэкономическую деятельность в рамках блока.

Since its inception, cryptocurrency has become a widely discussed yet often misunderstood financial technology. This paper focuses on a specific type of cryptocurrency – stablecoin, which with state regulation and implementation in foreign trade operations could serve as a cost-effective payment system bypassing SWIFT. For Russia, adoption of digital technologies in foreign economic activity as part of integration initiatives to bypass the imposed sanctions has become particularly relevant. In current conditions, the BRICS bloc plays an important role. Therefore the paper explores the feasibility of implementing digital technologies in foreign economic activity within the bloc.

 Ключевые слова БРИКС криптовалюта стейблкоин санкции Бразилия Россия Индия Китай ЮАР Keywords BRICS cryptocurrency stablecoin sanctions Brazil Russia India China South Africa Подготовлено в рамках выполнения государственного задания ВАВТ Минэкономразвития России. Дорофеев М.Л., Косов М.Е. Роль и перспективы внедрения криптовалют в современную мировую финансовую систему // Финансы и кредит. — 2019. – Т. 25, № 2. – С. 392-408. DOI: 10.24891/fc.25.2.392 Махалина О.М., Махалин В.Н. «Перспективы создания национальных и наднациональных криптовалют в странах БРИКС» 2019;7(2):115-123. https://doi.org/10.26425/2309-3633-2019-2-116-123 Dorofeev M.L., Kosov M.E. The role and prospects of introducing cryptocurrencies into the modern global financial system // Finance and Credit, 2019, vol. 25, № 2. – p. 392-408 – DOI: 10.24891/fc.25.2.392 Makhalina O.M., Makhalina V.N. Prospects for the creation of national and supranational cryptocurrencies in the BRICS countries. UPRAVLENIE / MANAGEMENT (Russia). 2019;7(2):115-123. (In Russ.) – https://doi.org/10.26425/2309-3633-2019-2-116-123 Baur D. G., Dimpfl Th. «Think again: volatility asymmetry and volatility persistence» // Studies in Nonlinear Dynamics & Econometrics//April 30, 2018: – https://doi.org/10.1515/snde-2017-0020 Baur D. G., Dimpfl Th., Kuck K. «Bitcoin, gold and the US dollar – A replication and extension»//Finance Research Letters//Volume 25, June 2018, pp. 103-110 – https://doi.org/10.1016/j.frl.2017.10.012 Baur D.G., Hong K., Lee A.D. «Bitcoin: medium of exchange or speculative assets? » // Journal of International Financial Markets, Institutions and Money, 54 (2018), pp. 177-189 – https://doi.org/10.1016/j.intfin.2017.12.004 Bedowska-Sojka B., Kliber A. «Is there one safe-haven for various turbulences? The evidence from gold, Bitcoin and Ether» The North American Journal of Economics and Finance // vol. 56, 2021 – https://doi.org/10.1016/j.najef.2021.101390 Ciaian P., Rajcaniova M., Kancs «The digital agenda of virtual currencies: Can BitCoin become a global currency?» / Information Systems and e-Business Management // vol. №14, pp. 883–919, 2016 – DOI: 10.1007/s10257-016-0304-0 Cohen B.J. «The Benefits and Costs of an International Currency: Getting the Calculus Right». Open Econ Rev 23, 13–31, 2012. – URL: https://doi.org/10.1007/s11079-011-9216-2 Corbet Sh., Larkin Ch. J., Lucey B. M., Meegan A., Yarovaya L. «The Volatility Generating Effects of Macroeconomic News on Cryptocurrency Returns»//March 16, 2018.– http://dx.doi.org/10.2139/ssrn.3141986 Folkinshteyn D., Lennon M., Reilly T. «The Bitcoin mirage: an oasis of financial remittance» //Journal of Strategic and International Studies// 3 May 2015. – URL: https://ssrn.com/abstract=2601621 Houben R., Snyers A. «Cryptocurrencies and blockchain, Legal context and implications for financial crime, money laundering and tax evasion». 2018. – URL: https://www.europarl.europa.eu/cmsdata/150761/TAX3%20Study%20on%20cryptocurrencies%20and%20blockchain.pdf Jeger C., Rodrigues B., Scheid E., Stiller B. «Analysis of Stablecoins during the Global COVID-19 Pandemic» / Blockchain Computing and Applications (BCCA), International Conference on/ 2020 – DOI: 10.1109/BCCA50787.2020.9274450 Jim O’Neill «Building Better Global Economic BRICs» / Goldman Sachs//30th November 2001. – URL: https://www.gspublishing.com/content/research/en/reports/2004/01/27/fcaffb70-04fc-11da-8624-b16d0c0183a5.pdf Klein T., Pham H., Walther Th. «Bitcoin is not the New Gold – A comparison of volatility, correlation, and portfolio performance» //International Review of Financial Analysis, Vol. 59, pp. 105-116, 2018. – https://doi.org/10.1016/j.irfa.2018.07.010 Kliber A., Marszalek P., Musialkowska I., Swierczyska K. «Bitcoin: safe haven, hedge or diversifier? Perception of bitcoin in the context of a country’s economic situation – a stochastic volatility approach» //Physica A: Statistical Mechanics and its Applications// Volume 524, 15 June 2019, pp. 246-257. – https://doi.org/10.1016/j.physa.2019.04.145 Melki A., Nefzi N. «Tracking safe haven properties of cryptocurrencies during the COVID-19 pandemic: A smooth transition approach» // Finance Research Letters. 2022, vol. 46, Part A. – https://doi.org/10.1016/j.frl.2021.102243 Meshcheryakov A., Ivanov S. «Ethereum as a Hedge: The intraday analysis» // Economics Bulletin, AccessEcon, 2020, vol. 40(1), pp. 101-108. – https://ideas.repec.org/a/ebl/ecbull/eb-19-01010.html Mita M., Ito K., Ohsawa S. and Tanaka H. «What is Stablecoin?: A Survey on Its Mechanism and Potential as Decentralized Payment Systems» // International Journal of Service and Knowledge Management// vol. 4 No. 2, 2020. – https://doi.org/10.52731/ijskm.v4.i2.574 Nakamoto, S., et al., 2008. «Bitcoin: A peer-to-peer electronic cash system». – URL: https://assets.pubpub.org/d8wct41f/31611263538139.pdf Zhang A. R., Raveenthiran A., Mukai J., Naeem R., Dhuna A., Parveen Z., and Kim H. M. «The regulation paradox of initial coin offerings: A case study approach» Frontiers in Blockchain, vol. 2, pp. 2, 2019. – DOI: 10.3389/fbloc.2019.00002 Zharikov M. V. «Digital Money Options for the BRICS»//Int. J. Financial Stud.11(1), 42 2023. – https://doi.org/10.3390/ijfs11010042 Dorofeev M.L., Kosov M.E. The role and prospects of introducing cryptocurrencies into the modern global financial system // Finance and Credit, 2019, vol. 25, № 2. – p. 392-408 – DOI: 10.24891/fc.25.2.392 Makhalina O.M., Makhalina V.N. Prospects for the creation of national and supranational cryptocurrencies in the BRICS countries. UPRAVLENIE / MANAGEMENT (Russia). 2019;7(2):115-123. (In Russ.) – https://doi.org/10.26425/2309-3633-2019-2-116-123 Baur D. G., Dimpfl Th. «Think again: volatility asymmetry and volatility persistence» // Studies in Nonlinear Dynamics & Econometrics//April 30, 2018: – https://doi.org/10.1515/snde-2017-0020 Baur D. G., Dimpfl Th., Kuck K. «Bitcoin, gold and the US dollar – A replication and extension»//Finance Research Letters//Volume 25, June 2018, pp. 103-110 – https://doi.org/10.1016/j.frl.2017.10.012 Baur D.G., Hong K., Lee A.D. «Bitcoin: medium of exchange or speculative assets? » // Journal of International Financial Markets, Institutions and Money, 54 (2018), pp. 177-189 – https://doi.org/10.1016/j.intfin.2017.12.004 Bedowska-Sojka B., Kliber A. «Is there one safe-haven for various turbulences? The evidence from gold, Bitcoin and Ether» The North American Journal of Economics and Finance // vol. 56, 2021 – https://doi.org/10.1016/j.najef.2021.101390 Ciaian P., Rajcaniova M., Kancs «The digital agenda of virtual currencies: Can BitCoin become a global currency?» / Information Systems and e-Business Management // vol. №14, pp. 883–919, 2016 – DOI: 10.1007/s10257-016-0304-0 Cohen B.J. «The Benefits and Costs of an International Currency: Getting the Calculus Right». Open Econ Rev 23, 13–31, 2012. – URL: https://doi.org/10.1007/s11079-011-9216-2 Corbet Sh., Larkin Ch. J., Lucey B. M., Meegan A., Yarovaya L. «The Volatility Generating Effects of Macroeconomic News on Cryptocurrency Returns»//March 16, 2018.– http://dx.doi.org/10.2139/ssrn.3141986 Folkinshteyn D., Lennon M., Reilly T. «The Bitcoin mirage: an oasis of financial remittance» //Journal of Strategic and International Studies// 3 May 2015. – URL: https://ssrn.com/abstract=2601621 Houben R., Snyers A. «Cryptocurrencies and blockchain, Legal context and implications for financial crime, money laundering and tax evasion». 2018. – URL: https://www.europarl.europa.eu/cmsdata/150761/TAX3%20Study%20on%20cryptocurrencies%20and%20blockchain.pdf Jeger C., Rodrigues B., Scheid E., Stiller B. «Analysis of Stablecoins during the Global COVID-19 Pandemic» / Blockchain Computing and Applications (BCCA), International Conference on/ 2020 – DOI: 10.1109/BCCA50787.2020.9274450 Jim O’Neill «Building Better Global Economic BRICs» / Goldman Sachs//30th November 2001. – URL: https://www.gspublishing.com/content/research/en/reports/2004/01/27/fcaffb70-04fc-11da-8624-b16d0c0183a5.pdf Klein T., Pham H., Walther Th. «Bitcoin is not the New Gold – A comparison of volatility, correlation, and portfolio performance» //International Review of Financial Analysis, Vol. 59, pp. 105-116, 2018. – https://doi.org/10.1016/j.irfa.2018.07.010 Kliber A., Marszalek P., Musialkowska I., Swierczyska K. «Bitcoin: safe haven, hedge or diversifier? Perception of bitcoin in the context of a country’s economic situation – a stochastic volatility approach» //Physica A: Statistical Mechanics and its Applications// Volume 524, 15 June 2019, pp. 246-257. – https://doi.org/10.1016/j.physa.2019.04.145 Melki A., Nefzi N. «Tracking safe haven properties of cryptocurrencies during the COVID-19 pandemic: A smooth transition approach» // Finance Research Letters. 2022, vol. 46, Part A. – https://doi.org/10.1016/j.frl.2021.102243 Meshcheryakov A., Ivanov S. «Ethereum as a Hedge: The intraday analysis» // Economics Bulletin, AccessEcon, 2020, vol. 40(1), pp. 101-108. – https://ideas.repec.org/a/ebl/ecbull/eb-19-01010.html Mita M., Ito K., Ohsawa S. and Tanaka H. «What is Stablecoin?: A Survey on Its Mechanism and Potential as Decentralized Payment Systems» // International Journal of Service and Knowledge Management// vol. 4 No. 2, 2020. – https://doi.org/10.52731/ijskm.v4.i2.574 Nakamoto, S., et al., 2008. «Bitcoin: A peer-to-peer electronic cash system». – URL: https://assets.pubpub.org/d8wct41f/31611263538139.pdf Zhang A. R., Raveenthiran A., Mukai J., Naeem R., Dhuna A., Parveen Z., and Kim H. M. «The regulation paradox of initial coin offerings: A case study approach» Frontiers in Blockchain, vol. 2, pp. 2, 2019. – DOI: 10.3389/fbloc.2019.00002 Zharikov M. V. «Digital Money Options for the BRICS»//Int. J. Financial Stud.11(1), 42 2023. – https://doi.org/10.3390/ijfs11010042