Russia: it turns out that the central bank is currently testing stablecoins. Everything takes place within a regulatory sandbox. The news was confirmed by Elvira Nabiullina, the head of the institution.
Russia Bank of RussiaNabiullina has already spoken out more than once about the stealcoin. Often these were quite astringent words. Now she said:
“We are testing stablecoin coins in our regulatory sandbox. We see companies willing to issue tokens assigned to some real assets. In our regulatory sandbox, we learn the potential uses of stablecoins, but we don’t assume that they will function as a means of payment and become a surrogate for money.”
She added that Russia is also observing what is happening on the cryptocurrencies market, stablecoin and digital central bank currencies market in the world. In this way, the country is looking for some inspiration to act.
Russia’s against cryptocurrencies
However, the above picture seems too beautiful to be true. And so it is. Nabiullina has now also made it clear that the authorities of her country do not support private cryptocurrencies.
“We are against private money. If some digital currencies were to replace public money, we couldn’t support it.”
– she added.
The country will also have final regulatory issues concerning cryptocurrencies. For the time being, the concept of “digital rights” appeared in the legislation, which was incorporated into Russian law exactly in October, when the law “On digital rights” came into force. A legal definition of the “digital space” has been established to define the status of cryptocurrencies according to Russian civil rights law. Another draft law on the issue of tokens, the law “On attracting investment through investment platforms”, was adopted in August. The “Law on community financing” will enter into force on 1 January 2020.
Central Bank Stablecoins in the World
Today, Venezuela is already using its own digital currency, with rather little success. Petro turned out to be a rather unsuccessful experiment. Moreover, the People’s Bank of China is working on its digital currency. The results are expected to be known in 2020, although advanced tests may be launched later this year. Moreover, France is working on a digitised euro. The year 2020 could be the year of stablecoins.