Bank of Russia Opposes Private Stablecoins in the Country

According to local media, an unnamed representative of the central bank dismissed talk of Russia-based stablecoins, started last week by the Ministry of Finance’s director of financial policy department Ivan Chebeskov. Back then, Chebeskov voiced his ministry’s support for creating stablecoins tied to assets like "the ruble, gold, oil or grain". He called it "the right path for developing new technology" and urged private companies to try this kind of financial tool if they find it necessary. The CBR speaker said that private stablecoins "are characterized by higher risks," because the pool of underlying assets doesn’t belong to the issuer. They also stated that there is no guarantee of redemption at par by the issuer and the price of stablecoin isn’t really stable.