➡️ The Central Bank of Russia announced that it has initiated a comprehensive regulatory study to determine the rules for the circulation of stable coins in the country. In the report titled "Stable Coins: Experiences in Their Use and Regulation" published by the Central Bank, it was emphasized that the regulation of stable coins is a complex process and a careful evaluation should be made on this issue.
➡️ The report noted the importance of discussions with market participants and expert communities and stated that stable coins needed to be defined as an independent asset. It was stated that such a definition has not yet become widespread internationally, and the use of general legal structures is more common.
➡️ While developments in the regulation of digital rights and digital currencies are gaining momentum in Russia, it has been reported that the creation of a mechanism that will determine the rules regarding the circulation of stable coins is being considered. "The use of stablecoins as a means of payment among Russian residents is unacceptable," the report said. The statement was also included.
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Stable coins are defined as digital currencies whose value is fixed based on fiat currencies such as dollar, yuan, commodity or cryptocurrencies such as Bitcoin. The use of cryptocurrencies in Russia has become widespread in recent years due to sanctions imposed by Western countries on the banking sector. In this context, the Central Bank of Russia's initiation of regulatory work for stable coins is considered an important step in making the cryptocurrency ecosystem safer and more regulated.
Conclusion:
The Bank of Russia's efforts to establish regulatory rules for stablecoins are aimed at ensuring the safe use of digital currencies in the country. This initiative includes a comprehensive regulatory process that will be shaped with the participation of market actors and experts while limiting the use of stable coins as a means of payment.
