Russia has plans to shift its currently conservative stance on fiat-backed stablecoins this year.
Speaking at a conference organized by Alfa-Bank, the Russian monetary authority’s first deputy chairman Vladimir Chistyukhin announced plans to investigate the feasibility of a Russian stablecoin later this year.
Chistyukhin stated the regulator has largely objected to the idea of stablecoins until this point.
“Our plans are to conduct research this year, where we will evaluate the situation once again,” he said, according to TASS.
“Indeed, our traditional position is that is not allowed, but considering the practice of some foreign countries, we will look once again at risks and prospects here and will also bring it to a public discussion.”
The Central Bank and the federal government expect legislation regulating cryptocurrencies to be approved during the State Duma’s spring session, he added.
The development marks a notable shift in the Bank of Russia’s stance on digital currencies.
The country’s chief financial regulator had previously opposed their free circulation within the domestic economy, instead advocating for the introduction of a digital rouble.
