The Russian Ministry of Finance is ready to back the
legalization of transactions with stablecoins in Russia, according to a
high-ranking representative. While the ministry recognizes that
cryptocurrencies could lay the ground for a new financial system, the
department is unsure if it will be better than the current one.
Russia’s Minfin Open to Legalizing Stablecoins if Business Needs It
The Ministry of Finance of the Russian Federation (Minfin) generally
supports authorizing the circulation of stablecoins in the country,
according to Ivan Chebeskov, director of the ministry’s Financial Policy
Department. The top official made the statement during “The Influence
of Web3 – New Era of the Internet of Trust?” panel at the Russian
Creative Week.
Chebeskov remarked that Minfin looks at the issue from the
perspective of Russian entrepreneurs. “If there is a need for
businesses, companies or investors to settle, invest in a new way, if
they need such a tool, because it reduces costs, works better than
previous tools, and if we can limit the risks associated with it, we
will always support such initiatives,” he elaborated.
Quoted by RBC Crypto, the government representative also noted that
blockchain in general, as well as crypto assets, digitalization and
tokenization, can potentially provide an opportunity to establish an
entirely new financial system. “But one cannot be completely sure that
it will be able to work better than the existing financial systems,”
Chebeskov commented.
The Russian finance ministry has been a driving force behind efforts
to legalize operations with cryptocurrencies in Russia, and earlier this
year submitted
a new bill “On Digital Currency,” designed to fill the regulatory gaps
left by the law “On Digital Financial Assets.” The latter only partially
regulated crypto matters when it went into force in January 2021.
The Central Bank of Russia, on the other hand, has maintained a
strong opposition against allowing crypto transactions in the country,
while developing a digital ruble and proposing a blanket ban on crypto-related activities. Only recently, it softened its stance a little, with Governor Elvira Nabiullina stating
that the regulator could agree to small-scale crypto payments in
international settlements amid mounting Western sanctions against
Russia.
Chebeskov’s statement comes despite the collapse
of terrausd (UST), which caused a major market slump and loss of
confidence in stablecoins. The situation in the crypto market was
recently cited by the head of the parliamentary Financial Market
Committee, Anatoly Aksakov, who warned that the upcoming legislation,
which has undergone multiple revisions this year, will be “tough.”
source link : https://news.bitcoin.com/russias-finance-ministry-supports-circulation-of-stablecoins-in-country/
