Russian Ministry of Finance Opposes Allowing Dollar-Pegged Stablecoins, Prioritizing the Development of Ruble Stablecoins

Odaily Planet Daily News: Russian Deputy Finance Minister Ivan Chebeskov stated that the ministry does not wish to allow dollar-denominated stablecoins to circulate in the Russian market.

Chebeskov noted that issuers of foreign stablecoins such as USDT and USDC have the ability to freeze user wallet assets. Once these wallets engage in transactions with platforms licensed by the Central Bank of Russia, the risk of asset freezes for holders increases significantly. He revealed that Russian legal entities have previously experienced their dollar stablecoins being frozen by issuers, while Bitcoin and Ethereum, lacking relevant technical means, have not yet seen similar incidents.

The Russian Ministry of Finance believes it is necessary to establish a regulatory framework specifically for stablecoins, prioritizing support for stablecoins pegged to the ruble and the currencies of friendly nations, while also granting the Central Bank of Russia the power to adjust the list of relevant assets. (Bits.media)