Stablecoin, backed by Russian currency

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Stablecoin, backed by Russian currency
Pavel Smertin/TASS/TASS

The trend of creating stablecoins seems to reach Russia. As reported by the news agency “Moskva” the Russian authorities may launch a stablecoin, which will be secured in the form of a fiat ruble.

Anatoly Aksakov, the head of the Russian State Duma Committee on the Financial Market, told reporters about this. He stressed that the cryptocurrency should have at least some security, and only in this case it will attract investors.

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Ruble can be such an asset, which will support the token and ensure its stable exchange rate.

Aksakov noted:

I am sure that we may have a cryptocurrency, but it will have security. For example, in some bank, a certain amount of money will be placed as a deposit. The bank will be able to issue a certain amount of cryptocurrency using this deposit to secure it. The issuer of the coins should be the Central Bank, since it is the bank which controls the fiat money, and the ratio of cryptocurrency and ruble will be one to one.

All transactions with stablecoin can be concluded on the blockchain platform, which is developed before the launch of the token. This is a promising direction, and there is every reason to predict that a ruble could really appear on the Russian cryptocurrency market, the parliamentarian summed up.

In addition to the Russian authorities, one of the largest domestic companies, Norilsk Nickel, may issue a stablecoin. Its president, Vladimir Potanin, promised to provide the coin with non-ferrous metals controlled by the metallurgical giant.