The Russian Central Bank Official Speaks against the Release of Private Stablecoins

The acceptance and release of the cryptocurrency in various countries around the world remain a burning question as many of them will not allow the currently operational crypto coins to be used in their homestead, while some are totally against the idea of having a cryptocurrency operating on their soils at all. Those who are against the idea of existing crypto coins are ready to exploit the initiation of their own private coins for the sake of making digital payments, and the creation of the digital rubble in Russia is part of such an elaborative scheme. But it might come out as a surprise that one spokesperson at the central bank of Russia has proposed against this idea; according to Ivan Zimin, stablecoins pose a serious threat when it comes to Ruble’s dominance within Russia. 

According to the Russian central bank’s head of the department of financial technology, the use of stablecoins must not be given the green light under any circumstances because it derails the concept of bringing security and harmony to the process of initiating a transaction. Russia has taken the first step in banning unsecured cryptocurrencies for the sake of making payments, and according to Zimin, another step is likely to be taken in pursuit of limiting the use of stablecoins. 

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Russian Restrictions Faced by Cryptocurrency

Although many cherish the possibility of a digital ruble being stationed among the list of other crypto coins by the end of this year, others like Zimin are rather conservative about this phenomenon by describing it as private competition. According to him, stablecoins, unsecured cryptocurrencies, and other substitute payment methods in filling the gap created by the absence of fiat money will never be approved as the means of making payments. 

There has been a passing of some sort of law in Russia as well, according to which cryptocurrencies are considered fine means of trading without any restriction but can’t be used to buy things in the Russian Federation at all. But at the end of the day, it is Blockchain; we are talking about the most secure decentralized payment system there is, and it is entirely possible that some sort of relaxation might be given, and digital cryptocurrency might start to shape the selling/buying of stuff in various countries.         

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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