Russian Finance Ministry, Central Bank Begin Work on National Stablecoin Mechanism

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The Russian Ministry of Finance, in collaboration with the Central Bank of Russia, has begun exploring the potential model for a Russian stablecoin. The regulators are discussing the principles of its operation and the range of transactions that could be enabled using such an instrument, according to Deputy Finance Minister Ivan Chebeskov, as reported by TASS.

At this stage, it is premature to discuss a specific model or a draft bill, Chebeskov noted. The agencies are currently assessing possible options and parameters for the future tool.

"It is too early to talk about a specific model or a ready-made bill. But we are working together with the Central Bank of Russia on how such a stablecoin would function, what types of transactions would be possible, and so on," Chebeskov said.

The deputy minister emphasized that the goal is not merely to create another digital financial instrument. It is crucial to determine the potential demand for it, its possible applications, and to assess the associated risks in advance.