Russia’s Nods for Companies to Test Stablecoins

The Central Bank of the Russian Federation (Bank of Russia) gave the green light for local companies to test stablecoins, Decrypt website reported.

Governor of the central bank Elvira Nabiullina said her country has launched a regulatory sandbox through which local companies can test stablecoins.

However, Nabiullina had previously expressed worries about cryptocurrencies, saying that they would contradict the financial sovereignty of central banks.

“We test stablecoins in our regulatory [sandbox, that welcomes] companies that want to issue tokens secured by some real assets,” she told Interfax. “We do not assume that they will function as a means of payment and become substitutes for money.”

The governor pointed out that the central bank is studying stablecoins that are discussed by many countries such as China and Sweden.

“The Bank of Russia does not assume that those currencies will be a means of payment or a substitute for money,” Nabiullina said.  

The bank is studying the possibility of issuing its central bank digital currency (CBDC). However, it seeks to understand the benefits of this currency in light of the experience of other countries around the world.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.