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Russia’s Finance Ministry considers creating domestic stablecoin

The ministry explores the possibility to develop internal instruments akin to USDT

MOSCOW, April 16. /TASS/. The Russian Ministry of Finance is exploring the possibility of developing a domestic stablecoin (a digital currency pegged to the value of a fiat currency - TASS), Deputy Director of the Financial Policy Department of the Russian Finance Ministry Osman Kabaloev said.

"We do not impose restrictions on the use of stablecoins within the experimental legal regime. […] Recent developments have shown that this instrument can pose risks for us. This leads us to consider the need to develop internal instruments akin to USDT, potentially pegged to other currencies," Kabaloev said

Earlier, cryptocurrency exchange Garantex temporarily suspended all services after Tether, the issuer of the USDT crypto token, blocked the exchange’s wallets on its platform.

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