State Duma Chairman: Russian Stablecoin Could Be Equivalent to Fiat Ruble in’Digital Space’

Even the chairman of Russia’s State Duma Committee on Financial Markets has said that a state-backed stablecoin would be a comprehensive equivalent to the Russian fiat ruble.
Even the chairman of Russia’s State Duma Committee on Financial Markets has said that a state-backed stablecoin could be a comprehensive equivalent to the Russian fiat ruble in a digital distance, state-operated Russian news agency RIA Novosti reported Nov. 7. Chairman Anatoly Aksakov explained the “crypto ruble,” that may arise after the adoption of laws regulating the cryptocurrency industry in Russia, would function ldquo;the identical ruble, in encoded form. ” The State Duma chairman explained that it might be possible to change the Russian stablecoin for the equivalent in fiat money:”For instance, you bring 100 million rubles to a bank and receive 100 million crypto rubles, one to a for fiat money. You use these resources to buy products fixed from the blockchain. ”Aksakov also underlined the crypto ruble — “the ruble in blockchain” — would substitute the fiat ruble “when the blockchain begins to occupy a considerable place in our economy. ” The chairman noted that this procedure has to be governed by the Russian central bank.Last week, Aksakov had claimed at a press conference that the government had been contemplating the launch of state-backed cryptocurrency pegged to the Russian ruble, Cointelegraph reported Nov. 2. But, before this autumn, the Russian president’s special representative on electronic and technological development, Dmitry Peskov,’d said that the circulation and issuance of cryptocurrencies “contradicts the basic purposes of government,” Cointelegraph reported Sep. 10. Meanwhile, the deputy manager of the Financial Market Development Department for Russia’s central bank disclosed that the bank had conducted an experimental First Coin Offering (ICO) that “technically […] had been a success,” Cointelegraph reported Sep. 11. […]

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