The Minister of Finance of the Russian Federation supported the legalization of stablecoins
Ministry of Finance of Russia (Ministry of Finance) It is ready to support the legality of transactions in Russia using stablecoins, a senior government official said.
The head of the Financial Policy Department of the Ministry of Finance of the Russian Federation, Ivan Chebeskov, noted that the ministry supports the resolution of the circulation of stablecoins in the country.
A high-ranking official made such a comment while participating in a discussion at Russian Creative Week titled "The impact of Web3 - a new era of the Internet of Trust?"
Chebeskov noted that the Ministry of Finance is considering the issue from the point of view of Russian entrepreneurs.
"If enterprises, companies or investors have a need to pay off, invest in a new way, if they need such a tool, because it reduces costs, works better than previous tools, and if we can limit the risks associated with it, we will always support such initiatives," he said.
The use of cryptocurrencies and stablecoins can create a new financial system
The official also said that blockchain technology in general, as well as crypto assets, digitalization and tokenization can give a chance to build a completely new financial system.
It is worth noting that the ministry knows that cryptocurrencies can pave the way for a new financial system, but it is unclear whether this new system will be better than the existing one.
"But we cannot be completely sure that it will be able to work better than existing financial systems," Chebeskov said.
The Russian Ministry of Finance has been the leading force behind attempts to legalize cryptocurrency activity in Russia. This year, he introduced a new bill "On Digital Currency" to eliminate regulatory loopholes created by the law "On Digital Financial Assets".
The ambiguous position of the Bank of Russia regarding cryptocurrencies
On the other hand, the Central Bank of Russia has strongly resisted the idea of allowing cryptocurrency transactions within the borders of the country, even when it was working on the creation of a digital ruble and proposed a complete ban on transactions related to cryptocurrencies.
Only recently, the Bank of Russia began to show signs of moderation when the chairman of the Central Bank of the Russian Federation, Elvira Nabiullina, suggested that the regulator could approve small payments in cryptocurrency in international settlements. This is happening against the background of tougher sanctions against Russia.
Chebeskov is ready to support the circulation of stable coins, despite the fact that the infamous algorithmic stablecoin TerraUSD (UST) of the Terra (LUNA) ecosystem collapsed in May, which led to a significant drop in the market and a loss of faith in stablecoins.
Anatoly Aksakov, the leader of the legislative committee on the financial market, recently referred to the current state of the cryptocurrency market when he warned that the future law, which has undergone many changes this year, will be tough.
Author: Elvir, analyst Сoin-signal.com Club
https://coin-signal.com/cryptonews/the-minister-of-finance-of-the-russian-federation-supported-the-legalization-of-stablecoins/
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