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Russian Stablecoin Would Be Equivalent to Fiat Ruble in ‘Digital Space’

The chairman of Russia’s State Duma Committee on Financial Markets has stated state-backed stablecoin can be a whole identical to the Russian fiat ruble in a virtual house, state-operated Russian information company RIA Novosti reported Nov. 7.

Chairman Anatoly Aksakov stated that the “crypto ruble,” which might seem after the adoption of rules regulating the cryptocurrency trade in Russia, can be “the same ruble, just in encrypted form.” The State Duma chairman defined that it could be imaginable to trade the Russian stablecoin for the identical in fiat cash:

“For instance, you deliver 100 thousand rubles to a financial institution and get 100 thousand crypto rubles, one to one for fiat cash. You use those price range to purchase items mounted in the blockchain.”

Aksakov additionally underlined that the crypto ruble — “the ruble in blockchain” — would change the fiat ruble “as soon as the blockchain begins to occupy a significant place in our economy.” The chairman famous that this procedure will have to be regulated by means of the Russian central financial institution.

Last week, Aksakov had already claimed at a press convention that the federal government was once taking into account the release of state-backed cryptocurrency pegged to the Russian ruble, Cointelegraph reported Nov. 2.

However, in the past q4, the Russian president’s particular consultant on virtual and technological construction, Dmitry Peskov, had stated that the flow and issuance of cryptocurrencies “contradicts the basic functions of government,” Cointelegraph reported Sep. 10.

Meanwhile, the deputy director of the Financial Market Development Department for Russia’s central financial institution printed that the financial institution had performed an experimental Initial Coin Offering (ICO) that “technically […] was a success,” Cointelegraph reported Sep. 11.

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