The Central Bank of Russia Testing Stablecoins
December 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The Bank of Russia has begun testing stablecoins or asset-backed tokens on Wednesday wrote local media “Interfax“ with reference to the head of the regulator Elvira Nabiullina.
According to Nabiullina, the project takes place in the Central Bank’s “sandbox”, which defines a set of rules according to which companies can test their products and services in a limited environment without the risk of violating financial laws.
”In the “sandbox” we look at how they can work, but we do not assume that they will function as a means of payment and become money surrogate,“ she said.
Nabiullina also emphasized that the Central Bank continues to reflect on the issue of its own digital currency, including considering it from the perspective of advantages for citizens and businesses. However, she recognized that digital ruble could have a significant impact on the structure of the financial market.
“If, for example, individuals are allowed to keep money in accounts with the Central Bank, this could significantly change the passive base of commercial banks. In the conditions of some not very calm times, the flight of deposits and overflow of funds can begin,” said Nabiullina.
To crown it, she noted that the interest of Russians in cryptocurrencies compared to what it was two years ago has fallen, however, those who continue to believe in them remain, including as an instrument for creating a monetary system without state participation.
In October, the head of the Central Bank said that they do not support private money “in any form, digitally or not.”
Author: Marko Vidrih
