Russian Central Bank Governor: Cautious on Stablecoins, Only Considering as Supplement for International Settlements

CoinFeed July 3 news, according to Bits.media report, Russian Central Bank Governor Elvira Nabiullina stated at the Russian Central Bank Financial Congress that the central bank is "closely watching" the use of stablecoins in international settlements, but only as a supplement to the digital ruble, and is cautious about domestic stablecoin settlements, saying "it will not be a priority direction." Nabiullina revealed that the central bank is intensively discussing the issuance of ruble-pegged stablecoins controlled by the state, and analyzing the feasibility of using them in conjunction with the central bank digital currency for cross-border operations. Last week, the central bank had proposed a draft regulatory framework for stablecoins, with the core requirement that all operations must be conducted under state control, through exchanges or legal exchange points. The crypto regulation bill currently under review by the State Duma has not yet clarified the regulatory provisions for stablecoins. The bill was originally scheduled to come into effect on July 1, but the second and third readings have been postponed.