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The Russian Ministry of Finance is ready to support the legalization of transactions with stack coins in Russia, according to a senior official. While the ministry acknowledges that cryptocurrencies can lay the foundation for a new financial system, the ministry is unsure whether it will be better than the current one.
The Russian Federation’s Ministry of Finance (Minfin) generally supports the approval of the circulation of stable coins in the country, according to Ivan Chebeskov, director of the ministry’s fiscal policy department. The top official made the statement under “The Influence of Web3 – New Era of the Internet of Trust?” panel on the Russian creative week.
Chebeskov noted that Minfin looks at the matter from the perspective of Russian entrepreneurs. “If there is a need for companies, firms or investors to settle, invest in a new way, if they need such a tool, because it reduces costs, works better than previous tools, and if we can limit the risks associated with it, we will always support such initiatives, ”he elaborated.
Quoted by RBC Crypto, the government representative also noted that blockchain in general, as well as cryptocurrencies, digitization and tokenization, could potentially provide an opportunity to establish a completely new financial system. “But one can not be completely sure that it will work better than the existing financial systems,” commented Chebeskov.
The Russian Ministry of Finance has been a driving force in the work of legalizing operations with cryptocurrencies in Russia, and earlier this year presented a new bill “On Digital Currency”, designed to fill regulatory gaps under the law “On Digital Financial Assets.” The latter only partially regulated crypto cases when it came into force in January 2021.
Russia’s central bank, on the other hand, has maintained strong opposition to allowing crypto – transactions in the country, while developing a digital ruble and proposing a general ban on crypto – related activities. Only recently has it softened its stance, with Governor Elvira Nabiullina saying the regulator could agree to small-scale cryptocurrencies in international settlements amid growing Western sanctions against Russia.
Chebeskov’s statement comes despite the collapse of terrausd (UST), which caused a major market downturn and loss of confidence in stablecoins. The situation in the crypto market was recently quoted by the chair of the parliamentary finance market committee, Anatoly Aksakov, who warned that the forthcoming legislation, which has undergone several revisions this year, will be “tough”.
Do you think the Russian authorities will legalize the circulation of stablecoins? Share your expectations in the comments section below.
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