The Central Bank of the Russian Federation is against stablecoins, but for the digital ruble. Testing the release of a digital version of the ruble, opening wallets and transfers between individuals and businesses.
The Central Bank of the Russian Federation rejected the idea of using stablecoins, pointing out that this is a high-risk investment object without a stable price, the provision of which is not guaranteed. Thus, the creation of a Russian stablecoin similar to the American one can be forgotten for now. The regulator sees only the digital ruble as the only alternative means of payment.
Stablecoin is considered the most reliable type of cryptocurrency through the use of collateral. The most popular use collateral in the form of a dollar. The creation of a Russian stablecoin is considered beneficial for the ruble, since pegging to a currency obliges you to buy rubles in order to acquire cryptocurrencies. The creation of a ruble stablecoin would thus strengthen the position of the Russian currency on the market.
The opinion of the Central Bank of the Russian Federation cannot be called unexpected, the Central Bank is known for its categorically negative attitude towards cryptocurrencies. On this issue, he has long disagreed with the Ministry of Finance, which supports the idea of creating a new instrument for investment and settlements against the backdrop of technological development.
The Ministry of Finance is also developing a bill on the use of cryptocurrency in Russia. The document is intended to establish a circle of market participants with the formation of a special register, and turnover rules. At the same time, the crypt is not supposed to be used as a means of payment, but only as an investment object through banks, and with obtaining access to operations only as a result of passing the identification procedure. However, the bill is still being developed and there is constant news about the changes being made to it, including in the direction of liberalization. So, allegedly one of the latest versions provides for the possibility of using cryptocurrency as a means of payment for foreign trade activities.
The Central Bank is preparing its own project, which prohibits the distribution of crypto that threatens the market and the well-being of citizens, but legalizes mining with the sale of the mined outside the borders of the Russian Federation.
Currently, only one means of payment is used in the Russian Federation - the national currency, the ruble. If we are looking for some kind of alternative, then the Central Bank of the Russian Federation sees it in giving the ruble a digital look. Such a means of payment will allow the state to control the cash flows in the country. This is not a purely theoretical interest, the release of a digital version of the ruble, the opening of wallets and transfers between individuals and businesses in order to pay for goods and services are now being tested. In 2023, it is planned to start testing on real clients and money.
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