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

According to market reports, the head of the Russian monetary authority stated that stablecoins can be issued in Russia, following calls from senators to establish regulations for stablecoins. Russian Central Bank Governor Elvira Nabiullina told lawmakers on Thursday that Russia can issue stablecoins, which can be used for international settlements but not for domestic payments. She mentioned that only experimental legal systems for cryptocurrency are allowed for foreign trade settlements. She also mentioned creating conditions for stablecoin international settlement applications and attracting foreign investment, as well as drafting amendments to legalize cryptocurrency investments. Deputy Chairman of the Senate Committee on Digital Economy Development, Artem Sheikin, believes that establishing rules can enhance the ruble's position in the digital field and has made requests to the First Deputy Chairman of the Central Bank. The legal status of stablecoins is currently uncertain, hindering ruble-denominated issuance. Sheikin called for the determination of multiple rules, emphasizing the strategic importance of issuing and regulating ruble-denominated stablecoins for Russia.

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