The Russian central bank rejects stable coins pegged to rubles

Senior officials at the Bank of Russia have spoken out against the issuance of private stablecoins pegged to the Russian ruble.

Sergei Shvetsovsaid the first deputy governor of the Russian central bank The bank plans to ban private companies from offering stable coins backed by the country’s fiat currency.

Russian cryptocurrency developers can only use the Bank of Russia’s digital rubleShvetsov said. According to a report by the local news agency dated Nov. 30 Primesaid This approach follows the “philosophy of the uniqueness of the means of payment”.

The Russian central bank rejects stable coins pegged to rubles
The Russian central bank rejects stable coins pegged to rubles

Shvetsov referred China’s digital yuan-related regulations criminalizing third party issuance of yuan-assisted stable coins::

“China has completely banned stable money tied to the yuan. I think we are not far from it. The bank will suppress anything that is positioned as a means of payment. We assume that the ruble is the currency of the Russian Federation. “

Olga Skorobogatova, another first deputy governor of the Bank of Russia, underlined the technical difficulties in issuing a digital ruble::

She said, “Until now, Not a single regulator has figured out how to recover rubles in case of phone lossfor example, but precisely due to the fact that […] Technologies are being developed, we understand for ourselves that this can be solved in the second stage. […] Technologically, this problem must be solved. “

The Bank of Russia officially released a roadmap for the digital ruble in October 2020. According to the bank, the digital currency should be converted into an additional form of money alongside cash.

November 30th, Sberbank, the largest state bank in Russia, announced its plans to launch a new blockchain platform for trading and a native token called Sbercoin. Previously it was reported that Sberbank considered launching its own stable coin pegged to the Russian ruble.

Bank of Russia and Sberbank did not respond to Cointelegraph’s request for comment.

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