Russia's central bank sees the digital rubble as the only technological payment option to support.
In a fresh episode of the longstanding battle
between the Central Bank of Russia (CBR) and the country's Ministry of
Finance, representatives of the former have criticized the latter’s idea
of supporting the stablecoins, which some private investors have sought
to launch 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.
Related: Russian bank Sber to complete its first digital currency deal
In
a line with the traditional CBR message, the bank's rep noted that the
ruble remains the only legal payment method in the country, and stated
their belief in the digital ruble, “combining all the advantages of
digital payments and the reliability of national currency.” As local
industry experts sometimes emphasize, the central bank digital currency project lies at the heart of the CBR’s suspicion towards all the private cryptocurrencies.
On June 29, the head of the CBR’s department of financial technologies, Kirill Pronin, acknowledged the possibility of crypto mining legalization
under certain conditions, namely the export of all the mined assets to
foreign exchanges. The Ministry of Finance’s Ivan Chebeskov didn’t miss a
chance to disagree, noting that the current geopolitical challenges for
Russian miners who want to sell their crypto abroad.
source link : https://cointelegraph.com/news/bank-of-russia-opposes-private-stablecoins-in-the-country
