The Russian Ministry of Finance (Minfin) is ready to support the legality of transactions using stablecoins in Russia, according to a senior government representative. Here are the official’s altcoin comments…
Altcoin statement from Minfin official
Indeed, Ivan Chebeskov, head of the Fiscal Policy Department of the Ministry of Finance of the Russian Federation, stated that the ministry is in favor of allowing stablecoins to circulate in the country, according to a report published July 7 by Russian news platform bits.media. The senior official said at an event, “The Impact of Web3 — The New Era of the Internet of Trust?” He made this comment while participating in a discussion titled Chebeskov observed that Minfin was considering the issue from the point of view of Russian business owners. Chebeskov used the following statements:
If businesses, companies or investors need to settle down, invest in a new way […] If they need such a tool, we will always support such initiatives. Because it reduces costs. It works better than previous tools. And if we can limit the risks associated with it […]
The use of crypto could create a new financial system
The government official also said that Blockchain technology in general, as well as crypto assets, digitization and tokenization by RBC Crypto could give a chance to build a whole new financial system. The ministry said it is aware that cryptocurrencies have the potential to pave the way for a new financial system. However, it is worth noting that they are not clear on whether this new system will be superior to the current system. As we reported as Kriptokoin.com, the stablecoins mentioned by the official include the following:
“But he can’t be completely sure that it can work better than existing financial systems,” Chebeskov said. The Russian finance ministry has been a leading force behind attempts to legitimize cryptocurrency activities in Russia. This year, he introduced a new bill “On Digital Currency” to address the regulatory gaps created by the “On Digital Financial Assets” statute.
The Central Bank of Russia’s ambiguous stance on crypto
On the other hand, the Central Bank of Russia is working to create a digital ruble. But it proposes a general ban on linked operations. He maintained strong resistance to the idea of allowing cryptocurrency transactions within the country’s borders. Governor Elvira Nabiullina suggested that the regulator may approve small-scale crypto payments in international settlements. He has recently begun to show signs of moderation. This comes at a time when Western sanctions against Russia are becoming more severe.
This comment was made by Chebeskov despite the Terra (LUNA) ecosystem’s algorithmic stablecoin TerraUSD (UST) crashing in May, resulting in a significant market crash and loss of faith in stablecoins. Anatoly Aksakov, leader of the Legislative Financial Market Committee, recently issued a warning that the future law, which is subject to many changes this year, will be “hard”. He then referred to the current state of the cryptocurrency market.
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