The Bank of Russia, unlike the Ministry of Finance, believes that stablecoins are high-risk assets that are not intended for settlements within the country and abroad.
The Central Bank announced that the issuance and use of private stablecoins is associated with high risks, since the pool of assets underlying them does not belong to the owner. Therefore, redemption at the nominal price of assets in collateral is not guaranteed, and the price of a stablecoin is not actually stable.
So the regulator commented on the statement of the head of the financial policy department of the Ministry of Finance of Russia Ivan Chebeskov, who promised that the Ministry of Finance would help the development of stablecoins. An official speaking at the panel discussion “The Impact of Web3 – A New Era of Internet of Trust?” as part of the Russian Creative Week, said that the ministry takes the side of business in regulating stablecoins:
“If there is a need for business, companies or investors to settle, invest in a new way, if they need such an instrument because it reduces costs, works better than previous instruments, and if the risks associated with it can be limited, then we will always support such initiatives.”
During the discussion, the founder of Voronkov Ventures Andrey Voronkov
declaredthat today in Russia there is no ruble stablecoin based on the blockchain. According to him, this practice should appear, since stablecoins pegged to the US dollar allow strengthening the position of the American currency in the world, since in order to buy cryptocurrency, you need to buy dollars. The representative of the Ministry of Finance refrained from commenting on this statement and did not answer the question of when the stablecoin pegged to the ruble will be issued.
In June, specialists from the VEB.RF Institute for Research and Expertise said that the creation of a gold-backed stablecoin for international settlements would help reduce sanctions pressure. Olga Skorobogatova, First Deputy Chairman of the Bank of Russia, said that the Central Bank is ready for a full-fledged testing of the digital ruble within the country and in international economic relations this year.
Source: Bits
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