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Trading: The Russian Ministry of Finance supports the trading of stablecoins in the country

Trading: The Russian Ministry of Finance supports the trading of stablecoins in the country. The Russian Ministry of Finance is ready to back the legalization of transactions with stablecoins in Russia, in accordance to a high-ranking representative. While the ministry recognizes that cryptocurrencies may want to lay the ground for a new financial system, the department is not sure if it will be better than the modern one.

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Trading: The Russian Ministry of Finance supports the trading of stablecoins in the country

The Russian Ministry of Finance is ready to support the currencies, according to a high-ranking representative. While the Ministry realizes that cryptocurrencies are a new financial system

Open to legalizing Minfin in Russia on stablecoins if business needs to

The Ministry of Finance of the Russian Federation (Minfin) usually supports authorizing the circulation of stablecoins in the country, in accordance to Ivan Chebeskov, director of the ministry’s Financial Policy Department. The top official made the announcement during “The Influence of Web3 – New Era of the Internet of Trust?” panel at the Russian Creative Week.

Chebeskov remarked that Minfin appears at the problem from the perspective of Russian entrepreneurs. If there is a favor for businesses, organizations or buyers to settle, make investments in a new way, if they choose such a tool, due to the fact it reduces costs, works  better than previous tools, and if we can restriction the risks related with it, we will usually assist such initiatives,” he elaborated.

Quoted by using RBC Crypto, the authorities representative also mentioned that blockchain in general, as nicely as crypto assets, digitalization and tokenization, can doubtlessly grant an possibility to set up an absolutely new monetary system. But one cannot be completely high quality that it will be capable to work better than the present economic systems,” Chebeskov commented.

The Russian finance ministry has been a driving force in the back of efforts to legalize operations with cryptocurrencies in Russia, and formerly this 12 months submitted a new bill “On Digital Currency,” designed to fill the regulatory gaps left by way of the regulation “On Digital Financial Assets.” The latter only in part regulated crypto matters when it went into pressure in January 2021.

The Central Bank of Russia, on the different hand, has maintained a sturdy opposition towards permitting crypto transactions in the country, while developing a digital ruble and proposing a blanket ban on crypto-related activities. Only recently, it softened its stance a little, with Governor Elvira Nabiullina stating that the regulator should agree to small-scale crypto payments in global settlements amid mounting Western sanctions against Russia.

Chebeskov’s announcement comes regardless of the give way of terrausd (UST), which induced a predominant market stoop and loss of confidence in stablecoins. The scenario in the crypto market was once recently cited by the head of the parliamentary Financial Market Committee, Anatoly Aksakov, who warned that the upcoming legislation, which has gone through a couple of revisions this year, will be “tough.”

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