Russian central bank opposes ruble-pegged stablecoins

Russia wants to follow China’s approach of banning private stablecoins pegged to its national fiat currency.

Senior officials at the Bank of Russia have come out against the issuance of private stablecoins pegged to the Russian ruble.

Sergei Shvetsov, a first deputy governor of the Russian central bank, said that the bank aims to ban private firms from offering stablecoins backed by the country’s fiat currency.

Russian crypto developers will only be able to use the Bank of Russia’s digital ruble, Shvetsov said. According to a Nov. 30 report by local news agency Prime, the he said that this approach follows the “philosophy of the means of payment’s uniqueness.”

Shvetsov referred to China’s digital yuan-related regulations that criminalize the issuance of yuan-backed stablecoins by third parties:

“China put a blanket ban on any yuan-pegged stablecoins. I think that we are not far from that. The bank will suppress everything that is positioned as a means of payment. We proceed from the premise that the ruble is the means of payment of the Russian Federation.”

Olga Skorobogatova, another first deputy governor of the Bank of Russia, underscored the technical difficulties of issuing a digital ruble:

She said, “So far, not a single regulator has figured out how to restore rubles in case the smartphone is lost, for example, but precisely due to the fact that [...] technologies are developing, we understand for ourselves that this issue can be worked out at the second stage. [...] Technologically, this problem will have to be solved."

The Bank of Russia officially released a roadmap for the digital ruble in October 2020. According to the bank, a digital ruble should become an additional form of money alongside cash.

On Nov. 30, Sberbank — the largest state-run bank in Russia — announced its plans to launch a new blockchain platform for trading and a native token called Sbercoin.

Previously, Sberbank was reportedly considering launching its own stablecoin pegged to the Russian ruble.

The Bank of Russia and Sberbank did not immediately respond to Cointelegraph’s request for comment.

Source: cointelegraph.com

Comments

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry. The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling. Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk ab...

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

Customers in those countries who send crypto outside their Coinbase accounts must provide recipients’ names, addresses and in some cases, additional information, as of early April. Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient. Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places. Coinbase didn't immediately respond to requests for additional comment on the moves, but confirmed that they were taking place. The move does not seem to be going over well with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency. According to a FAQ provided by Coinbase , for Canadian users, ...

Farm GRASS earn MONEY

Use your Unused Internet Bandwidth to make $$$ In today’s interconnected world, the concept of passive income has taken on new dimensions, offering innovative ways for individuals to monetize underutilized assets. One such groundbreaking avenue involves earning money by selling your unused internet connection. By participating in decentralized networks like Grass, individuals have the opportunity to turn their dormant bandwidth into a valuable asset, contributing to a fairer and more equitable digital landscape while generating income. Grass is a decentralized network sharing application designed to offer an alternative to existing centralized networks. It allows users to sell their unused bandwidth directly, without the need for exploitative middlemen. The platform operates by enabling users to download a web extension that runs in the background, assisting others in accessing public web data in exchange for payment using the protocol’s native token. How ...

Crypto Ethone

Search This Blog