The Russian Ministry of Finance opposes the circulation of USD stablecoins and plans to prioritize the development of a ruble stablecoin.
According to Odaily, Russian Deputy Minister of Finance Ivan Chebeskov stated that they do not wish to allow USD-pegged stablecoins to circulate on the Russian market.
Chebeskov pointed out that foreign stablecoin issuers such as USDT and USDC have the ability to freeze user wallet assets. Once wallets involved trade with platforms licensed by the Central Bank of Russia, the risk of asset freezing for holders will rise significantly. He revealed that in the past, USD stablecoins held by Russian legal entities had already been frozen by the issuers, while Bitcoin and Ethereum have not experienced similar incidents due to lacking the relevant technical measures.
The Russian Ministry of Finance believes it is necessary to establish a regulatory framework specifically for stablecoins, to prioritize the development of stablecoins pegged to the ruble and currencies of friendly countries, and to grant the Central Bank of Russia the authority to adjust the list of relevant assets. (Bits.media)
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