The chairman of Russia’s State Duma Committee on financial Markets has said that a state-backed stablecoin would be an entire like the Russian fiat ruble in a digital area, state-operated Russian press agency RIA novosti reported Nov. 7.
Chairman Anatoly Aksakov said that the “crypto ruble,” which can seem once the adoption of laws regulation the cryptocurrency industry in Russia, would be “the same ruble, simply in encrypted form.” The State Duma chairman explained that it'd be possible to alter the Russian stablecoin for the equivalent in fiat money:
"For example, you bring 100 thousand rubles to a bank and get 100 thousand crypto rubles, one to one for fiat money. You use these funds to buy goods fixed in the blockchain.”
Aksakov also underlined that the crypto ruble — “the ruble in blockchain” — would replace the fiat ruble “as soon as the blockchain begins to occupy a major place in our economy.” The chairman noted that this method should be regulated by the Russian central bank.
Last week, Aksakov had already claimed at a news conference that the govt. was considering the launch of state-backed cryptocurrency pegged to the Russian ruble, Cointelegraph reported November. 2.
However, previously this fall, the Russian president’s special representative on digital and technological development, Dmitry Peskov, had said that the circulation and issuance of cryptocurrencies “contradicts the fundamental functions of government,” Cointelegraph reported September. 10.
Meanwhile, the deputy director of the financial Market Development Department for Russia’s central bank disclosed that the bank had conducted an experimental Initial Coin offering (ICO) that “technically [...] was successful,” Cointelegraph reported September. 11.
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