Central Bank of Russia voices opposition to stablecoins, says they are risky assets.
The monetary authority reacted to a statement by a top finance ministry official who suggested that his department would support the development of Russian stablecoins.Unlike the Ministry of Finance, the Central Bank of Russia believes stablecoins are not intended for settlements, either within the country or abroad. The monetary authority said that the issuance and use of private stablecoins is associated with high risks as the underlying assets do not belong to the holder.
Therefore, redemption at the nominal price of the assets in collateral is not guaranteed, and the price of a stablecoin is not actually stable. The regulator commented on a recent statement by the head of the finance ministry’s Financial Policy Department Ivan Chebeskov, who vowed Minfin’s support for the development of stablecoins in Russia. The high-ranking representative emphasized that the ministry is taking the side of Russian business, when it comes to regulating digital currencies.
“If there is a need for companies and investors to pay or invest in a new way, if they need such a tool 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,” ChebeskovDuring “The Impact of Web3 – New Era of Internet of Trust?” panel discussion, the founder of Voronkov Ventures, Andrey Voronkov, noted that right now there are no blockchain-based, Russian ruble-pegged stablecoins.
In June, experts from the VEB.RF national economic development institute said that the minting of a gold-backed stablecoin for international settlements would help to reduce the pressure from Western sanctions. Their suggestion followed an earlier
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