Anatoly Aksakov, chairman of the Financial Markets Committee of the RF State Duma, declared that a crypto ruble stablecoin might appear in Russia.
This will mark the next step in the digital economy development after a law regulating crypto industry is passed. However, «cryptocurrencies issue and circulation is inconsistent with the main functions of the government», Peskov stated.
Is the Russian crypto ruble near at hand?
According to Aksakov, crypto currency implementation in the Russian technology is a very promising idea. The fact that it is the Parliament that has come up with the idea to create a crypto ruble increases the chances for a positive outcome.
However, in spite of the Government’s positive stance on digital economy, the matter should be agreed with the RF Central Bank as it is the key regulator of the country’s financial policies. The CBR hasn’t so far commented on the situation.
Currently, all stable coins are pegged mainly to the US dollar, the euro or the Swiss franc.
Stablecoin for the unstable ruble?
One of potential challenges creators of the ruble-secured stablecoin may face is the ruble instability. Many people remember the ruble’s reaction to the US sanctions imposed on Russia 4 years ago when the well-known events were unfolding in the Crimea.
By late 2014, the ruble had lost nearly 50% against the US dollar.
It later bounced back, but a 10% loss, on average, within a short time period has become common. Given potential new sanctions, the ruble’s prospects remain uncertain.
Meanwhile, Igor Yusupov, the former energy minister and current CEO of the Energy oil and gas investment corporation, proposed an oil crypto currency that could be common for the other major oil exporting countries.
The key aim is to strip the US dollar of its status as the only settlement currency in the world oil market and diversify risks related to national currencies’ use.
However, no practical steps to develop an oil cryptocurrency have so far been taken as is the case with the crypto ruble.