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The Bank of Russia is studying the possibility of issuing a stablecoin pegged to the ruble.
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Officials cite global practices and sanctions as key factors.
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Before any decision is made, the findings will be made public for discussion.
The Bank of Russia, Russia’s central banking institution, announced on February 12 that it would examine the possibility of issuing a stablecoin backed by the ruble. This marks a change from its previous opposition towards digital tokens pegged to fiat.
The study, conducted by the First Deputy Governor Vladimir Chistyukhin, was presented at the Alfa Talk Conference in Moscow. It focused on digital financial assets as well as market structure. He said that the regulator’s position has always been to reject stablecoins linked to national currencies. Officials now plan to reassess this stance.
Chistyukhin stated that “we plan to conduct a new study this year in order to reassess our situation.” He said that the central banks will evaluate both potential risks and benefits. After the review is complete, it will make its findings public.
The central bank is not committed to releasing a stablecoin. The initiative is still in the research phase.
Sanctions Reshape Payment Strategy
Western sanctions have changed the financial climate in Russia. Many Russian banks lost their access to global payment networks after the war in Ukraine. Cross-border transactions have become more complex and slower.
Authorities began looking for alternative settlement tools. Under an experimental legal framework, the use of cryptocurrency has expanded. The government also permitted certain cross-border crypto payment and investments in derivatives related to digital assets.
According to a separate report by the Russian Ministry of Finance, daily cryptocurrency trading volume in the country has reached approximately 50 billion rubles or $650 million. Officials claim that digital assets are now used in some international settlements.
A ruble-pegged stabilcoin is another option. It could enable faster settlements and reduce the reliance on foreign currency in trade with partner nations.
Focus on Existing Stablecoin Activities
Discussions are gaining momentum as A7A5, an unstablecoin backed by the ruble and issued in Kyrgyzstan, is gaining attention. The company behind it has ties to Russian interests. A7A5 processed reportedly more than $100 billion of transactions in its first operating year. Its market cap has exceeded $500m, making it the largest stablecoin not backed by dollars.
A7A5 was classified by the Russian authorities as a digital asset. This designation allows local firms to use the token for international settlements. Western governments have also imposed sanctions against platforms that are linked to the token.
The European Union has proposed further measures to limit crypto channels which may facilitate Russian financial flow. These developments have increased the scrutiny of stablecoin activities connected to Russia.
Digital Ruble Remains the Central
The central bank continues its priority for the digital ruble. The central bank’s digital currency entered its pilot phase in 2024, with hundreds of thousands participants. A wider rollout is anticipated in 2026 with government use planned sooner.
Officials haven’t said how a stablecoin could interact with the digital rouble. Analysts point out that both instruments will serve different purposes. The digital ruble, which is issued by the state as legal tender, could operate under a different regulatory framework.
Chistyukhin stated that the central bank would examine different models including state issuance and regulated private tokens. Regulators will examine financial stability risks, anti money laundering controls, as well as data protection standards.
RelatedBitcoin & Dollar: How Russia’s Shift could Affect Crypto Markets
Chistyukhin said that both the Central Bank and national government are hopeful that the cryptocurrency legislation bill will be passed at the spring session of State Duma, lower house of Russian parliament.
The study’s findings could have a significant impact on how Russia integrates digital assets in its financial system over the next few years.
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