The Bank of Russia began testing stablecoins in the regulatory sandbox – cryptocurrencies secured by assets, said Central Bank Chairman Elvira Nabiullina.
“We test stablecoins in our regulatory sandbox. Companies come that want to issue tokens secured by some real assets. We in the sandbox look at how they can work. But we do not assume that they will function as a means of payment and become a money surrogate” Nabiullina said.
The regulatory sandboxes are a special set of rules that allows innovative companies to test their products and services in a limited environment without risking breaking financial laws.
The Central Bank continues to study the possibility of issuing its own digital currency. First of all, we need to understand what will be the advantages for our citizens, for business, for example, compared with the option when we develop quick payment systems and expand their application not only for settlements between individuals, but also between legal entities, ” – said Nabiullina.
The issue of such a digital ruble can have serious consequences in the form of changes in the structure of the financial market. In the conditions of some not-so-quiet times, the flight of deposits and overflow of funds may begin” Nabiullina stated.
The issue of digital currency must be approached very carefully, studying the negative and positive experience of other countries. At the same time, interest in cryptocurrencies in Russia decreased, the head of the Central Bank noted. “But nevertheless, there are those who sincerely believe in this prospect. And not only those who would like to earn money. You know, the ideology is also brought in here, in fact, the creation of a system of private money, without government intervention” – explained Nabiullina.
The Central Bank is also studying the experience of China and Sweden in the field of digital currencies. “We are against private money. If many digital currencies were designed as a replacement for private money, we cannot support this” – Nabiullina emphasized.