Bank of Russia: Digital Ruble Is the Only Alternative to Private Stablecoins
The pool of underlying assets in private stablecoins "are characterized by increased risks," since neither the owner holds them nor is the price essentially stable.

Since many years ago, Russia has opposed private cryptocurrencies, arguing that they may be used for money laundering or terrorist funding.
In 2020, Russia granted them legal status, but it outlawed the use of them as money.
Regulation of these asset classes and their circulation in Russia has been a topic of intense debate since last year. A framework for "controlling the mechanics of digital currency circulation" is currently being developed by the nation's Ministry of Finance. On the other side, the Finance Ministry's suggestion to promote stablecoins has been challenged by the central bank.
Only digital ruble is an alternative.
According to the regulator's press office, private stablecoins backed by conventional assets like gold and oil (XAU) are "marked by greater risks."
The central bank digital currency (CBDC) or the digital ruble are the only alternatives to private stablecoins that are desired, said the anonymous bank official. The sole accepted form of payment in Russia, according to the spokeswoman, is the currency. The Bank of Russia views digital rubles as a more advantageous option to private stablecoins since they have all the benefits of digital payment methods and the stability of a true currency.
The bank presented higher risks associated with stablecoins in a new round of discussion on Monday. The underlying assets of these personal stablecoins are "not owned by the owner," according to the central bank. The price of these stablecoins is likewise quite unstable, and the issuer makes no promise that they will be redeemed at par.
Ivan Chebeskov, the head of the ministry's financial policy division, said last week that the government has generally backed the idea of stablecoin circulation throughout the nation.
The Finance Ministry demanded rules as well, warning that the instability of the market would result from the total absence of control of cryptocurrencies.
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