Russia’s central bank: ‘Study to assess feasibility of introducing stablecoins… reviewing our existing stance’

Doohyun Hwang

Summary

The Bank of Russia said it plans to conduct a study this year to assess the feasibility of issuing stablecoins.
While the Bank of Russia previously did not allow stablecoin issuance, it said it will re-evaluate risks and the potential outlook by considering overseas cases.
It said the move is seen as driven by a growing need to use virtual assets as a cross-border payment instrument amid Western sanctions.

The Bank of Russia will conduct a study this year to assess the feasibility of issuing stablecoins. Long known for maintaining a hardline stance on virtual assets (cryptocurrencies), the central bank is now seen as leaving the door open to change in line with global trends.

According to TASS on the 12th (local time), Vladimir Chistyukhin, First Deputy Governor of the Bank of Russia, said at the “Alfa Talk Conference” that “we plan to conduct a study this year to re-evaluate the situation (regarding the introduction of stablecoins).”

Chistyukhin noted that “the Bank of Russia’s traditional position was not to allow (the issuance of stablecoins),” but added that “we will once again examine the risks and potential outlook, taking into account examples and practices in a number of countries abroad.”

He added that “based on the results of the study, we will go through a public process of discussion together with the public.” The move is interpreted as reflecting growing demand to use virtual assets as a cross-border payment instrument amid Western sanctions.