The phenomenon known as stablecoins is expanding in terms of popularity. As we can see from reports, the Russian central bank or the Bank of Russia has reportedly started using stablecoins which are pegged to real assets in a regulatory sandbox.
We could even get comments from Elvira Nabiullina who is the head of the central bank, stating that the bank does not assume that those stablecoins will function as a means of payment or become a substitute for money. The crypto news today her full statement.
Nabiullina noted that the Russian central bank is now exploring the potential uses of stablecoins which are essentially cryptocurrencies that are pegged to another asset in order to prevent the volatility associated with the crypto markets. As the reports from Interfax show, she stated:
“We are testing stablecoins in our regulatory ‘sandbox’. We see companies willing to issue tokens pegged to certain real assets. In our regulatory sandbox, we are learning the potential uses of stablecoins but we do not assume that they will function as a means of payment and become a surrogate for money .”
We can also discover that the Russian central bank is also continuing the possibility of issuing its own central bank digital currency (CBDC) – something that was discussed before in the altcoin news and rumors.
The official reportedly emphasized that the bank first wants to understand the potential benefits of CBDC based on the experience of other jurisdictions from all around the world. Still, Nabiullina warned that the issuance of digital ruble could lead to some “serious consequences” including changes in the market structure and deposit outflows.
In another set of comments, the head of Russia and the central bank noted that the popularity of cryptocurrencies has dropped over the past two years. Still, there are more people who believe in the possibility of private money without government involvement, the Russian central bank head said.
“We are against private money.
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If some digital currencies were designed to become a substitute for private money, we could not support that,” she claimed when talking about that issue.
All in all, the news and rumors show Russia is planning to follow other countries in testing their CBDCs – including France, Venezuela and China.
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