The Central Bank of the Russian Federation, the Bank of Russia, has begun testing stablecoins in the regulatory sandbox, iHodl Russia reports citing the Head of the Central Bank, Elvira Nabiullina.
Nabiullina claims that the financial regulator via the sandbox is watching how stablecoins can work, even though the bank assumes that this type of digital assets won't function as a means of payment or become a money substitute.
The Bank of Russia also continues to study the possibility of issuing its own digital currency.
"Now such an opportunity is being actively discussed by many countries, we are also at the stage of studying this topic. First of all, you need to understand what will be the benefits for our citizens, for business, for example, compared with the option when we develop fast payment systems, expand their use not only for settlements between individuals, but also between legal entities," Nabiullina added.
Earlier iHodl reported that the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring) were preparing a proposal to ban crypto payments.
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