🙈 Russia 🇷🇺: Experts Predict Development of a National Stablecoin Could Begin in 2025

🙈 Russia 🇷🇺: Experts Predict Development of a National Stablecoin Could Begin in 2025

A possible alternative to the Central Bank’s digital ruble.

➡️ Initial Context: Stablecoins offer practical solutions for foreign trade operations but come with notable risks. One significant concern is that issuers can freeze assets in any wallet. For instance, Tether has frozen over $1 billion USD at the request of Western agencies, exposing Russia to potential vulnerabilities.

➡️ The Central Bank of Russia’s (CBR) Stance: The CBR remains largely cautious about cryptocurrencies. While it has permitted limited use of cryptocurrencies for foreign trade transactions, this does not resolve critical challenges, such as repatriating funds from certain jurisdictions.

➡️ Potential for a Ruble-Backed Stablecoin: Although the CBR has not explicitly shown interest in issuing a stablecoin on public blockchains, the topic has gained traction since the publication of the analytical report "Stablecoins: Use Cases and Regulation" in July 2024.

➡️ Legislative Proposals: In 2023, the KPRF party introduced a bill in the Duma proposing a Russian stablecoin backed by gold. This initiative aims to mitigate the economic impact of international sanctions.

➡️ Global Context: Amid the increasing influence of BRICS, a stablecoin could play a crucial role in fostering trade and international cooperation.
Before advancing with the development of a stablecoin, Russia must establish a clear and robust regulatory framework for cryptocurrencies to ensure stability and security in the sector.

#news #Russia #crypto #geopolitics

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