Russian Central Bank opposes ruble-pegged stablecoins
They loom for prohibiting the circulation of private virtual assets backed to the national currency
Senior Russian officials have spoken out against the issuance of Russian ruble-backed stablecoins, promoted by private companies, as deputy governor of the Russian central bank, Sergei Shvetsov, put it.
Shvetsov reported that the main objective is to prohibit private sector companies from offering stablecoins backed by the Russian country’s fiat currency, ensuring that the only ones authorized to manipulate such currencies are Russian cryptocurrency developers.
The statements were offered on November 30 to the local agency Prime, from where it reported that the approach follows the “philosophy of the uniqueness of the means of payment.” The executive took as an example the regulations applied to China’s digital yuan where it specifies the penalty for stablecoin issues backed by yuan.
“China settled a total ban on any stablecoin pegged to the yuan. I think we are not far from that. The bank will suppress everything that is positioned as a means of payment. We start from the premise that the ruble is the means of payment of the Russian Federation,” Shvetsov said.
For her part, Olga Skorobogatova, first deputy governor of the Bank of Russia, pointed out some complexities that lead to issuing a digital ruble, highlighting that to date “not a single regulator has discovered how to restore the rubles in case of the loss of the phone […] Technologically, this problem will have to be solved.”
K.Villarroel
Source: cointelegraph
