Russia’s Finance Ministry has proposed the development of domestically issued stablecoins pegged to non-dollar currencies, following the freezing of Russia-linked digital wallets holding over 2.5 billion roubles in USDT by Tether. Osman Kabaloev, Deputy Head of the Ministry’s Financial Policy Department, stated that the incident underscores the need for internal tools similar to USDT, potentially pegged to other currencies.
The move comes after the European Union imposed sanctions on the Russian crypto exchange Garantex, leading to the suspension of operations involving USDT. The Finance Ministry’s proposal aims to establish sovereign financial tools to circumvent global financial restrictions and reduce reliance on Western-dominated financial systems.
Despite the Finance Ministry’s push, the Bank of Russia remains opposed to the use of cryptocurrencies in domestic transactions. However, Russian firms are participating in experimental international crypto payments, especially as conventional cross-border payments become more challenging under Western sanctions.
The proposal aligns with Russia’s broader strategy to establish a stablecoin settlement platform with “friendly” nations, avoiding the use of U.S. dollars and euros. Deputy Finance Minister Alexey Moiseev has indicated that the government is working with countries such as China and Belarus to create platforms using tokenized instruments pegged to recognized assets like gold.
This initiative is part of a larger effort by BRICS nations to develop a single payment system and make settlements in a unified cryptocurrency. The BRICS Pay platform aims to link national payment systems of member countries, facilitating digital wallet transactions and reducing dependence on the U.S. dollar.
The Central Bank of Russia, however, has expressed skepticism about private stablecoins, citing high risks and lack of guaranteed redemption at nominal value. The Bank prefers the development of a digital ruble, which combines the advantages of digital payments with the reliability of national currency.
Arabian Post – Crypto News Network
