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Bank Of Russia Opposes Private Stablecoins In The Country
Russia's central bank sees the digital rubble as the only technological payment option to support.
Himanshu S.
10:07 12th Jul, 2022
Policy

In a fresh episode of the longstanding battle between the Central Bank of Russia (CBR) and the country's Ministry of Finance, representatives of the former have criticized the latter’s idea of supporting the stablecoins, which some private investors have sought to launch in the country.

According to local media, an unnamed representative of the central bank dismissed talk of Russia-based stablecoins, started last week by the Ministry of Finance’s director of financial policy department Ivan Chebeskov.

Back then, Chebeskov voiced his ministry’s support for creating stablecoins tied to assets like “the ruble, gold, oil or grain”. He called it “the right path for developing new technology” and urged private companies to try this kind of financial tool if they find it necessary.

The CBR speaker said that private stablecoins “are characterized by higher risks,” because the pool of underlying assets doesn’t belong to the issuer. They also stated that there is no guarantee of redemption at par by the issuer and the price of stablecoin isn’t really stable.

Source



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