Governor of the Central Bank of Russia: Stablecoins can be issued in Russia and used for international settlements, but cannot be used for domestic payments

ChainCatcher news, according to market news, the head of the Russian monetary authority stated that stablecoins can be issued in Russia, following calls from senators to establish regulations for stablecoins.

On Thursday, Central Bank Governor Elvira Nabiullina told lawmakers that the Russian Federation can issue stablecoins, which would benefit international settlements, but she opposes their use for domestic payments, allowing cryptocurrencies only in an experimental legal framework for foreign trade settlements. She also mentioned that conditions have been created for the international settlement application of stablecoins and attracting foreign investment, and that a draft amendment is being prepared to legalize cryptocurrency investments. Artem Sheikin, vice chairman of the Senate's Digital Economy Development Committee, believes that establishing rules could enhance the ruble's position in the digital realm and has made requests to the first deputy chairman of the central bank. Currently, the legal status of stablecoins is undetermined, hindering ruble-denominated issuance. Sheikin calls for the establishment of several rules, emphasizing that developing methods for issuing and regulating ruble-denominated stablecoins is of strategic significance for Russia.