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Crypto: The Bank of Russia opposes stablecoins



Visuel Cointribune 24

As inflation rages, US fiat currency is gaining in value a little more. Meanwhile, the Russian ruble is falling noticeably. To deal with this, some people believe that Russia should issue a stablecoin pegged to the country’s currency. However, the Russian Central Bank does not see things the same way.

Russian Central Bank hostile to stablecoins

The crypto universe has been experiencing an inglorious period for the past few months. While things are getting more complicated every day, the numerous attacks against cryptocurrencies are not helping the sector to recover. Russia which is still at war with Ukraine is the new detractor of crypto assets. According to the Central Bank of Russia, stablecoins are not suitable for payments.

After the exit of Ivan Chebeskov, a senior official of the Ministry of Finance, the Central Bank of Russia (CBR) hastened to speak. Unlike the minfin which supports the development of stablecoins in Russia, the CBR believes that they are unsuitable for regulations. Moreover, stablecoins are risky since they are not really stable. For the regulator, Russian companies do not need digital currencies. Therefore, the decision of the Ministry of Finance has no reason to be.

Stablecoins could help Russia beat sanctions

Although the Central Bank of Russia does not agree with the Finance Ministry’s decision, some people approve of the minfin idea. Andrey Voronkov, founder of Voronkov Ventures is among those who believe in this project. According to him, the existence of stablecoins pegged to the dollar strengthens the American fiat currency. Hence, issuing ruble-based stablecoins would help the currency strengthen.

Experts from the national institute of economic development VEB.RF and the chairman of the State Duma on industry and trade, Vladimir Gutenev are of the same opinion. According to them, Russia should allow the use of gold-backed stablecoins. Used for the settlement of international payments, the latter would make it possible to reduce the pressure of Western sanctions. Faced with the situation, First Deputy Governor Olga Skorobogatova said that the CBR is actively working on the development of the digital ruble. Due to the sanctions imposed during the country’s intervention in Ukraine, the Russian Central Bank has stepped up its efforts to fine-tune the launch of its CBDC.

The opposition of the Russian Central Bank to the launch of a stablecoin pegged to the ruble is undermining the plans of some. For the Ministry of Finance and for some experts, it is clear that stablecoins could have a considerable impact on the economic development of the country.

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Eddy Senga

The world is changing and adaptation is the best weapon to survive in this undulating universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. In order to share my experience and make known a field that fascinates me, nothing better than writing informative and relaxed articles at the same time.




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