The Russian Ministry of Finance is ready to back the legalization of transactions with stablecoins in Russia, according to a high-ranking representative. While the ministry recognizes that cryptocurrencies could lay the ground for a new financial system, the department is unsure if it will be better than the current one.
Chebeskov remarked that Minfin looks at the issue from the perspective of Russian entrepreneurs. “If there is a need for businesses, companies or investors to settle, invest in a new way, if they need such a tool, because it reduces costs, works better than previous tools, and if we can limit the risks associated with it, we will always support such initiatives,” he elaborated.
Quoted by RBC Crypto, the government representative also noted that blockchain in general, as well as crypto assets, digitalization and tokenization, can potentially provide an opportunity to establish an entirely new financial system. “But one cannot be completely sure that it will be able to work better than the existing financial systems,” Chebeskov commented.
The Russian finance ministry has been a driving force behind efforts to legalize operations with cryptocurrencies in Russia, and earlier this yeara new bill “On Digital Currency,” designed to fill the regulatory gaps left by the law “On Digital Financial Assets.” The latter only partially regulated crypto matters when it went into force in January 2021.
The Central Bank of Russia, on the other hand, has maintained a strong opposition against allowing crypto transactions in the country, while developing a
It would be nice if Russia adopted Tether, the best stablecoin with the highest market cap
Well, at least russia is adopting crypto...
Sounds like a good idea. Pretty sure that USDT is the best choice here.
What it will lead to is greater surveillance and oppression by central governments over their citizens. It has NO moral purpose and is just another form of fiat currency backed by nothing but government I.O.U.s and guns. Gold coins and bitcoins are the only sound money.
they have to decide what they want.
This is great news from Russia, they are on the right track
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Wow, this is going to be strong. Tether needs to think about creating a token pegged to the ruble.
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Interesting. But who need it?
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Cryptocurrencies may pave the way for a brand-new financial system.
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