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
Crypto isn't for them in general and stablecoins like usdt is really convenient to use
i bet they will change their mind if tether launches a digital version of rouble
They don't want stablecoins in the open market because they want to make their own CBDCs
Froginutoken hot meme 2022
You know There are better strategies that one can get profit even during dip & rise Bitcoin, while not guide them through on how to build their portfolios instead? We're aware not all knows this.🤷 Well, In my free time I will teach people how to go about it
VitalikButerin Please make the best Russian rubble stablecoin
Thanks you veryy much_,, njfwb
It needs a bridge currency to link all stablecoins in one ledger that has to be public in order to maintain a fairer economy
People there can't even use usdt freely
As risky as the Rouble? 🤔😅
they are, they almost never reveal enough data and don't have nearly enough audits. I think the market would really like some transparency, hence the current demand after DAOs like bitDAO, that have built powerful communities
Well, not so risky as Euro anyway. I’d better stay with $USDT
Everything could change, depend on what you do today. You gotta live with each decision that you chose to make⚡✨
does the word stable confuse them or something? tether is the least risky asset i have lmao
Risky as syfilis.
To them or us? 😂
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Source: Cointelegraph - 🏆 562. / 51 Read more »