Russian Finance Ministry Opposes Allowing Dollar Stablecoins in Circulation, Prioritizes Ruble Stablecoin Development

Odaily reported that Ivan Chebeskov, Deputy Minister of Finance of Russia, stated that the ministry does not wish to allow dollar-denominated stablecoins to circulate in the Russian market.

Chebeskov pointed out that issuers of foreign stablecoins like USDT and USDC have the capability to freeze wallet assets held by users. Once such wallets engage in transactions with platforms licensed by the Central Bank of Russia, the risk of asset freezes for holders will significantly increase. He revealed that dollar stablecoins held by Russian legal entities have previously been frozen by issuers, while no similar incidents have occurred with Bitcoin and Ethereum due to the lack of relevant technical means.

The Russian Finance Ministry believes it is necessary to establish a regulatory framework specifically for stablecoins, prioritize supporting the development of stablecoins pegged to the ruble and currencies of friendly nations, and grant the Central Bank of Russia the authority to adjust the list of related assets. (Bits.media)