Central Bank of Russia: Stablecoins Will Compete with Stock Market
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28 November
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The central bank of the Russian Federation expects that stablecoins to become a highly-potential asset that will eventually compete with the traditional stock market.

New Russian Law Will Allow Police to Confiscate Bitcoins

Russian news outlet TASS, citing First Deputy Governor at Central Bank of Russian Federation Sergey Shvetsov, states that the dismemberment of the commodity market into various trading floors raises questions for ensuring liquidity.

"The world is changing, new finances are developing and exchanges are facing new competitors. A law [on crowdfunding] was passed in the summer, which will allow issuing utilitarian tokens, including for exchange goods. The law on digital assets, which I hope will be adopted by the State Duma sometime, will allow these utility tokens to be wrapped, which will give rise to the phenomenon of stablecoin, including those tied to commodity assets, and this new market will compete with the stock market," Shvetsov said.

Shvetsov highlights that the launch of such a tool as stablecoins will greatly change the attitude towards exchange trading — both from the manufacturer and from the consumers of exchange trading.

STASIS CEO Gregory Klumov claims these assets [stablecoins] will likely be traded in the same place where index and metal futures are currently traded.

"Given the current legislation of the Russian Federation in relation to cryptocurrencies, stablecoins and digital currencies secured by goods or other assets should be traded on a regular exchange," Klumov added.

Earlier iHodl reported that the world's second-largest aluminum company by primary production output United Company RUSAL decided to use its plant that was closed because of the U.S. sanctions as a center for bitcoin mining.

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