Source: Blockchain Outpost
Recently, Elvira Nabiullina, the governor of the Russian Central Bank, said in an interview with the media that the Russian central bank has begun testing stablecoins in a regulatory sandbox designed for companies that want to issue digital tokens supported by physical assets. of.
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The stablecoins in the crypto community are more the media between fiat and cryptocurrencies, and stablecoins such as central bank digital currencies are more of a replacement for banknotes. But Russia has denied that the stablecoin being tested is an alternative to the currency. "We research how they work in the sandbox, but we don't think they will be used as a payment method and a currency substitute," Nabiullina said. It seems that this stablecoin test is more like a rainy day before the financial revolution.
It should be noted that there is an essential difference between stablecoins and cryptocurrencies: one is the currency attribute and the other is the investment attribute.
Currently, there are three main types of collateral for stablecoins: fiat currency, cryptocurrency, and algorithm. The corresponding representatives are USDT, MakerDAO, and Carbon. This kind of stablecoin is still relatively small, and it is not the same as the central bank digital currency the same.
Russia remains cautious with central bank digital currencies
Elvira Nabiullina has made it clear that the Russian central bank does not need to issue national digital currencies. First of all, Russia's demand for issuing national digital currencies is not obvious. Secondly, this will bring major changes to the structure of Russia's financial market and may greatly change the basic functions of commercial banks. Finally, there are many risks to national digital currencies, including money laundering and terrorist financing. In some not very peaceful times, flight of deposits and overflow of funds may occur.
However, with the announcement by Facebook of the issuance of the stable currency Libra and the shock of events such as the emergence of the Chinese central bank's digital currency, an international financial market change is imminent. The Russian central bank will not give up its focus on this emerging area. "Regulators continue to study the possibility of issuing their own digital currencies." Nabiullina said that Russia is studying China and Sweden's experience in the digital currency field.
However, as early as 2017, Russian President Putin announced that he would release the official digital currency "CryptoRuble." CryptoRuble at that time was not a stablecoin type, it belonged to the category of cryptocurrency. Putin is also optimistic about the encryption technology of cryptocurrencies, thinking that this makes it easier to send money without worrying about the international community's sanctions on the country.
CryptoRuble at that time could only be issued, managed, and maintained by management. Because of this, the Russian government has disputed the issue of the ruble's right to issue, which has also made it impossible for the government to reach a unified opinion on whether to issue national digital currencies. Subsequently, the Russian Central Bank included CryptoRuble in its "mid- and long-term plans."
Until November 2018, Anatoly Aksakov, chairman of Russia's State Duma Financial Markets Committee, stated that his institution was considering creating a model of a stablecoin, pegged to the ruble 1: 1, and issued by the central bank. He specifically pointed out that "cryptocurrency" may be "the same ruble", but it is just a form of encryption.
Russia: Cryptocurrencies are assets, not payment methods
Putin had stated in 2017 that cryptocurrencies "cause serious risks" are mainly used for crime. In December 2017, Russia announced proposed regulations on cryptocurrencies and initial coin offerings (ICOs). Russian Finance Minister Anton Siluanov argues that banning cryptocurrencies is meaningless and the government needs to regulate them.
However, Putin still welcomes blockchain. In 2018, Putin made it clear that Russia needs blockchain technology, and Russia cannot lag behind in the development and adoption of this revolutionary technology. Gref, head of the Russian Federal Savings Bank, said, "Virtual currencies are the natural result of blockchain technology. We can ban it and welcome it. But they are already an objective part of our lives."
Recently, the Supreme Court of the Russian Federation has recognized it as an asset , like money and property. The court stated that “digital rights” is the only legal description of cryptocurrency in current Russian law. If the corruption case under investigation involves the transfer of “digital rights”, the value of “digital rights” must be evaluated by hired experts, and these The time when the asset is transferred to the e-wallet will be considered the exact time of the bribe.
The Russian central bank says that the ruble is the only legal tender in the Russian Federation. According to Izvestia on November 29, citing sources, the Russian Central Bank and the Federal Financial Supervision Agency are preparing to ban the use of cryptocurrencies to pay for goods and services. This initiative aims to combat crime in the virtual currency field. "Private cryptocurrencies cannot be equated with, and cannot be, fiat currencies. If cryptocurrencies are banned as a means of payment at the legislative level, we believe it is appropriate to support this position," the regulator added.
The Russian central bank said it was ready to support the bill, and the Ministry of Finance also held a similar position. However, Anatoly Aksakov, chairman of Russia's State Duma Financial Markets Committee, said implementing the ban could be quite difficult, and all those who use cryptocurrencies will continue to use them.
At the same time, the Russian Federation's Ministry of the Interior (MIA) said it is working with the Russian Supreme Court and other federal agencies to develop a draft law that allows government authorities to seize cryptocurrencies . The MIA plans to submit the proposal by the end of 2021. It is reported that the agencies involved in drafting the draft include the Federal Financial Supervisory Office, the Attorney General's Office, the Ministry of Justice, the Federal Customs Administration, the Commission of Inquiry, and the Federal Security Agency.
The wave of central bank digital currencies is inevitable, and cryptocurrencies will sooner or later face regulatory choices. Faced with the opportunities and challenges brought about by new things, this country known for its "fighting" is not as decisive as it usually is.