According to an executive at Russia’s Ministry of Finance (Minfin), the agency is prepared to support the legality of stablecoin operations in Russia.
Cryptocurrencies may pave the way for a new financial system in Russia. However, the ministry is skeptical if it would be superior to the traditional finance system.
Russia Ready To Legalize Stablecoins If Demand Increases
Ivan Chebeskov, the director of Russia’s Department of Financial Policy, made a statement recently. He said Russia’s Minfin is willing to endorse the usage of stablecoins in the nation.
The executive made the declaration at the Russian Creative Week panel discussion, “The Influence of Web3 – New Era of the Internet of Trust.” Chebeskov said that Minfin approaches the problem from the standpoint of Russian business individuals.
According to him, the ministry will always support new technologies, especially if businesses need them. Chebeskov stated that Minfin would do so if minimizing its dangers was possible.
According to RBC Crypto, there may be a chance to create a new financial system in Russia. This is due to the latest technologies such as crypto assets, blockchain, tokenization, and digitization.
Chebeskov stated that:
“These latest financial instruments have several benefits. However, one cannot be absolutely certain that it would perform better than the present financial systems.”
Additionally, the Minfin has been a major proponent of attempts to legalize cryptocurrency in Russia. This was despite the opposition from the country’s central bank.
Crypto Regulation In Russia
Earlier in 2022, the ministry introduced a new bill titled “On Digital Currency.” The new bill aimed to close any regulatory loopholes left by the previous law titled “On Digital Financial Assets.”
This was because the previous bill partially controlled the cryptocurrency sector. Furthermore, Russia’s central bank has consistently opposed cryptocurrency transactions in the nation.
However, it has supported a digital Ruble while calling for a crypto ban. Fortunately, it appears the central bank has taken a different stance towards cryptocurrency.
This was after Gov Elvira Nabiullina stated that the watchdog could allow crypto payment. Nabiullina said the bank is open to small-scale cryptocurrency payments in foreign settlements.
Western sanctions has prevented the country from using SWIFT for international payments. Chebeskov made his comment despite the Terrausd (UST) collapse.
The fall of Terra had led to a severe market downturn and a loss of faith in stablecoins. Also, Anatoly Aksakov, the chairman of the Financial Market Committee, recently commented on crypto regulation. Aksakov noted that regulating the crypto space is not an easy task.