Representative of Central Bank of Russia (CBR) said private stablecoins carry risks because the pool of underlying assets “does not belong to the owner”. Similarly, this potentially means that the face value redemption is not guaranteed.
“Also, the face value redemption of the collateral assets is not guaranteed, and in fact the price of Stablecoin is not stable.”
Comments are inconsistent with before statement From Ivan Chebeskov, the head of the Treasury, who generally questioned cryptocurrencies in a recent panel discussion on the impact of Web3. But regardless of concerns, Cheveskov accepted the idea of Russia-backed Stablecoin.
Russia-backed stablecoin
Chebeskov said Stablecoin can be used as a “tool” to reduce the cost of doing business and other related friction. He added that if the risk is low, the ministry “always supports” government-sponsored stablecoin.
he Said Products may be underwritten with physical assets such as rubles, gold, oil and grains.
“If a company, company, or investor needs to solve, if they need to invest in a new way, if such a tool is needed, it reduces costs and works better than previous tools, We always support such initiatives because we can limit the risks associated with them. “
Despite its openness to Chebeskov’s ideas, unnamed CBR representatives claimed that the ruble was Russia’s only fiat currency. However, a potential compromise lies in the development of ruble-backed Stablecoin. It can combine the benefits of Stablecoin with the “reliability” of the ruble.
“”Combine all the benefits of digital payment methods with authentic currency reliability.. “
Russia turns into cryptocurrency under strict sanctions
Since the outbreak of the conflict in Eastern Europe, Russia has made a U-turn on its former anti-cryptocurrency stance. At some point, this seemed to be heading towards a complete ban.
Observers attributed this reversal to sanctions that isolated the country from international commerce.
As a result, Russia is becoming more and more open to cryptocurrencies, including starting discussions on legalizing cryptocurrencies as a means of payment.
Treasury About digital currency The bill is intended to create a legal framework for cryptocurrencies, including the establishment of rules regarding the distribution and registration of exchanges.
But according to the Russian newspaper VedomostiThe latest draft allows individuals to use cryptography as a payment method only for foreign trade, but prohibits domestic use (as a payment method for goods and services).
