Russia would have planned to launch its own stablecoins, potentially fixed at several currencies, following recent developments surrounding the stable of attachment supported by the US dollar.
Reports Suggest that Tether, the USDT transmitter, blocked digital portfolios linked to an exchange of Russian crypto which had been sanctioned by the European Union.
Osman Kabaloev, deputy chief of the financial policy department of the Ministry of Finance of Russia, suggested that Russia explores the “internal tools” following recent portfolio blockages. In a Wednesday declaration, Kabaloev highlighted the need to create alternatives similar to the USDT, potentially set for other currencies, in response to the situation.
As the regulatory landscape is evolving, new projects are targeting the American market, Russia is looking for more and more digital alternatives in the light of financial restrictions. Given the current trade tensions between the United States and China and the pressure on the US dollar, this could be a timely moment for Russia to penetrate the space of the stable. Many countries, overwhelmed by high prices, already explore the optional dedemlarization.
A token supported by the ruble could help reduce the regional dependence on the USDT and the USDC, both set for the US dollar and strengthen Russia’s continuous effort to move away from the dollar -based trade. While Elvira Nabiullina, head of the Russian central bank, remains opposed to the use of the crypto for interior payments, she confirmed that several Russian companies participate in a lawsuit supported by the government exploring international crypto transfers.
At the beginning of April, the US Treasury Department, through its Office for the Control of Foreign Assets (OFAC), sanctioned Garantex to facilitate transactions linked to the designated terrorist group, Houthi. The sanctions targeted eight addresses on the exchange.
These developments come while stablecoins gain ground through the payments ecosystem, attracting increasing regulatory attention. This includes regulations on the Crypto markets in the European Union (MICA) and the new bills on the United States. In the midst of growing sanctions, Russian companies would explore cryptocurrencies for payments, Moscow actively supporting their use in international transactions, marking a key decision in the country’s cryptocurrency initiatives.
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Michaela has no cryptographic positions and has no cryptographic assets. This article is provided for information purposes only and should not be interpreted as financial advice. Shib and Shib Daily magazine are the official media and the publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult a qualified financial advisor before making investment decisions.
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