The Russian Ministry of Finance is ready to back the legalization of transactions with stablecoins in Russia, according to a high-ranking representative. While the ministry recognizes that cryptocurrencies could lay the ground for a new financial system, the department is unsure if it will be better than the current one.
The Ministry of Finance of the Russian Federation (Minfin) generally supports authorizing the circulation of stablecoins in the country, according to Ivan Chebeskov, director of the ministry’s Financial Policy Department. The top official made the statement during “The Influence of Web3 – New Era of the Internet of Trust?” panel at the Russian Creative Week.
Chebeskov remarked that Minfin looks at the issue from the perspective of Russian entrepreneurs. “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 we can limit the risks associated with it, we will always support such initiatives,” he elaborated.
Quoted by RBC Crypto, the government representative also noted that blockchain in general, as well as crypto assets, digitalization and tokenization, can potentially provide an opportunity to establish an entirely new financial system. “But one cannot be completely sure that it will be able to work better than the existing financial systems,” Chebeskov commented.
Do you think Russian authorities will legalize the circulation of stablecoins? Share your expectations in the comments section below.