Russian Central Bank Governor: Stablecoins can be issued in Russia and used for international settlements, but not for domestic payments

According to market news, the head of the Russian monetary authority said that stablecoins can be issued in Russia, after senators called for the formulation of stablecoin regulations. Elvira Nabiullina, the governor of the Russian Central Bank, told lawmakers on Thursday that the Russian Federation can issue stablecoins. Although it is conducive to international settlements, it is opposed to using them for domestic payments, and only allows the use of cryptocurrencies in the experimental legal system of foreign trade settlements. She also said that she has created conditions for the application of stablecoins in international settlements and attracts foreign investment, and is drafting amendments to legalize cryptocurrency investment. Artem Sheikin, vice chairperson of the Senate Committee for the Development of the Digital Economy, believes that the formulation of rules can strengthen the position of the ruble in the digital field, and has submitted a request to the first vice chairperson of the central bank. At present, the legal status of stablecoins is uncertain, hindering the issuance of ruble-denominated coins. Xie Jin called for the determination of a number of rules, emphasizing that the development of ruble-denominated stablecoins issuance and supervision methods is of great concern to Russia