Russia’s Central Bank Plans to Ban Ruble-pegged Stablecoins
Main page News, Russia, Central Banks, Stablecoins

Sergei Shvetsov, first deputy governor of Russia's central bank, has said the country wants to ban the launch of stablecoins pegged to the national currency, Cointelegraph reports.

According to Shvetsov, Russian crypto developers will only be able to use the Bank of Russia's digital ruble.

This is not the first time a country has established a ban of this type, as Chinese authorities have prohibited third parties from issuing stablecoins linked to the yuan, the country's official currency. Shvetsov has said referring to the Asian giant's decision:

"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."

As a result of this ban imposed in Russia, developers will not be able to launch stablecoins linked to the price of the ruble.

The Bank of Russia published the official road map for the digital ruble in October 2020. According to the institution, the digital ruble should become an additional form of money alongside cash.

Yesterday it was reported that Sberbank, the largest state-owned bank in Russia, plans to launch a new blockchain trading platform and a native token called Sbercoin.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error