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The Russian central bank has spoken out against stack coins, which it says are very risky and not suitable for payments. The monetary authority responded to a statement from a senior Treasury official suggesting that his department would support the development of Russian stack coins.
In contrast to the Ministry of Finance, the Central Bank of Russia (CBR) believes that stack coins are not intended for settlement, neither in the country nor abroad. The monetary authority said that the issuance and use of private stack coins is associated with high risk as the underlying assets do not belong to the holder. Quoted by the cryptocurrency news outlet Bits.media, it elaborated:
Therefore, redemption at the nominal price of the assets in collateral is not guaranteed, and the price of a stack coin is actually not stable.
The regulator commented on a recent statement from the head of the Ministry of Finance’s fiscal policy department, Ivan Chebeskov, who promised Minfin’s support for the development of stack coins in Russia. The High Representative emphasized that the Ministry is in favor of Russian business, when it comes to regulating digital currencies.
“If there is a need for companies and investors to pay or invest in a new way, if they need such a tool because it reduces costs, works better than previous instruments, and if the risk associated with it can be limited, then we will always support such initiative, ”noted Chebeskov at the Russian Creative Week forum.
Under “The Impact of Web3 – New Era of Internet of Trust?” panel discussion, the founder of Voronkov Ventures, Andrey Voronkov, noted that right now there are no blockchain-based, Russian ruble-fixed stablecoins. In his opinion, they should be created as the existence of stablecoins linked to the dollar strengthens the US fiat currency. Chebeskov chose not to predict when a stable coin linked to the ruble could be issued.
In June, experts from the VEB.RF National Economic Development Institute said that the minting of a gold-backed stable coin for international settlements would help reduce the pressure from Western sanctions. Their proposal followed an earlier statement by the head of the State Duma’s Committee on Industry and Trade, Vladimir Gutenev, who told RIA Novosti in January that Russia could allow the use of gold-backed stable coins.
In the meantime, the Bank of Russia has actively developed a digital version of the national fiat currency. First Deputy Governor Olga Skorobogatova has been quoted as saying that CBR is ready for extensive testing of the digital ruble, both in the country and in foreign trade transactions. In the midst of expanded economic restrictions imposed by Moscow’s military intervention in Ukraine, the Russian central bank has stepped up its efforts to test and launch its CBDC.
Do you think Russia will legalize stablecoins and issue one related to the ruble? Share your expectations in the comments section below.
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