We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
This website does not provide services to residents of United States.
Market News Bank of Russia: Digital Ruble Is the Only Alternative to Private Stablecoins

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.

Cory Russell
2022-07-13
524

微信截图_20220713105823.png


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.

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free