Russian Central Bank Governor: Stablecoins can be issued in Russia and used for international settlements, but not for domestic payments.

On October 31, according to Cryptopolitan, the head of the Russian monetary authorities stated that Russia is ready to issue stablecoins. This comes after senators called for the formulation of regulations related to stablecoins.

Elvira Nabiullina, Governor of the Central Bank of Russia, told lawmakers on Thursday that while stablecoins have certain advantages in international settlements, the central bank still opposes their use for domestic payments in Russia.

She stated that currently, cryptocurrencies are only permitted under an experimental legal framework for foreign trade settlements. Nabiullina also revealed that Russia has created conditions for the application of stablecoins in international settlements and for attracting foreign investment, and related work is underway.

Furthermore, the central bank is drafting amendments aimed at legalizing cryptocurrency investment. Meanwhile, Artem Sheikin, Vice Chairman of the Senate Committee on Digital Economy Development, pointed out that the current lack of clarity regarding the legal status of stablecoins hinders the issuance of ruble-denominated stablecoins.

He believes that formulating appropriate rules will help enhance the ruble's position in the digital realm. Shegin has already made a request to the First Deputy Chairman of the Central Bank, emphasizing that establishing a method for issuing and regulating a ruble-denominated stablecoin is of significant strategic importance to Russia.