Ministry of Finance of the Russian Federation: We admit the imperfection of cryptocurrencies, but we will support stablecoins

Ivan Chebeskov, head of the financial policy department of the Russian Ministry of Finance, said that officials are not sure about the future of the crypto industry, but will help the development of stablecoins.

An official speaking at the panel discussion "The Impact of Web3 - A New Era of Internet of Trust?" as part of the Russian Creative Week, said that the Ministry of Finance takes the side of business in regulating stablecoins:

“If there is a need for businesses, companies or investors to settle, invest in a new way, if they need such a tool, because it reduces costs, works better than previous tools, and if the risks associated with it can be limited, we will always support such initiatives.”

According to Chebeskov, distributed ledger technology, cryptocurrencies, tokenomics and digitalization will make it possible to form an absolutely innovative monetary system in the future. The official warned that there is a possibility that the new digital financial system will not work as efficiently as its predecessor, the traditional monetary system.

The topic of stablecoins, which is not so popular among Russian legislators, is gradually beginning to attract the attention of the authorities. In June, specialists from the Institute for Research and Expertise of the state corporation VEB.RF said that the creation of a gold-backed stablecoin for international settlements would help reduce sanctions pressure. Most recently, the second largest Russian state-owned bank VTB, together with the issuer Lighthouse, completed a deal with the issuance and redemption of digital financial assets (DFA). For the sake of the experiment, the issuer's debt was tokenized on the platform of the Lighthouse information system operator, after which VTB Factoring bought back the issued digital assets. As a result, the first in the Russian Federation issue and placement of CFAs secured by monetary claims was made. Before that, Anatoly Aksakov, chairman of the State Duma committee on the financial market, introduced a bill to the lower house of parliament to punish the release of digital assets without the permission of the regulator.