BlockBeats News - April 17, 2025
Russia should develop its own stablecoin pegged to other currencies, according to a senior Russian finance ministry official. This statement follows the recent blocking of digital wallets holding USDT (Tether) linked to Russian entities.
Key Points:
- Domestic Stablecoin Initiative: Proposed as an alternative after USDT wallets were frozen due to sanctions.
- International Crypto Payments: Currently allowed under experimental regulations to bypass traditional banking restrictions.
- Regulatory Divergence: The Central Bank opposes crypto for domestic payments but permits cross-border testing.
FAQs
Q: Why is Russia considering a national stablecoin?
A: After USDT freezes disrupted transactions, officials seek a sovereign alternative to mitigate reliance on external systems.
Q: How are cryptocurrencies currently used in Russia?
A: Approved for limited international settlements, though banned for domestic payments by the Central Bank.
Q: Which platforms were affected by USDT freezes?
A: Garantex, a Russian crypto exchange, reported wallet blocks holding over $30 million, forcing operational pauses.
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Policy Context
Deputy Director Osman Kabaloev emphasized creating tools akin to USDT but with multi-currency pegs. Meanwhile, Central Bank Governor Elvira Nabiullina reaffirmed opposition to internal crypto usage, despite corporate testing.
This move highlights Russia’s balancing act between innovation and financial control amid global sanctions.
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