June 19, 2024

Russia begins testing stablecoins in the regulatory “sandbox”

The Russian Federation begins testing stablecoins in the regulatory sandbox

According to Interfax, the Bank of Russia has begun testing stablecoins. She told the publication about thisChairman of the Central Bank Elvira Nabiullina. He added that the study takes place in the regulatory “sandbox”, created to understand the possibility of issuing its own digital currency.

“We are testing stablecoins in our regulatory"sandbox". Companies are coming that want to issue tokens backed by real assets. We are looking at how they can work, but in advance we exclude the functionality of a means of payment and a money surrogate.”- said Elvira Nabiullina.

The regulator also continues to study the possibility of issuing its own digital currency:

“Now is the opportunityis being actively discussed in many countries, we are also at the stage of studying this topic. First of all, we need to understand what advantages there will be for our citizens, for business, for example, compared to the option when we develop fast payment systems and expand their use not only for payments between individuals, but also between legal entities.”, — Nabiullina noted.

The issue of the digital ruble may have seriousconsequences in the form of changes in the structure of the financial market. According to the head of the Central Bank, the issue of digital currency should be approached very carefully, studying the negative and positive experience of other countries. So the regulator is studying the experience of China and Sweden in the field of digital currencies.

However, the Central Bank still has a negative attitude towards decentralized cryptocurrencies:

“We are against private money. If many digital currencies were designed as a replacement for private money, we cannot support this. ”, — Nabiullina emphasized.