Russia's Ministry of Finance is considering a new stablecoin bill.
PANews reported on March 6th that, according to Cryptopolitan, the Russian Ministry of Finance is considering a new stablecoin bill to capitalize on its "enormous potential." The ministry stated that it hopes to introduce a separate stablecoin bill rather than bundling it with new regulations in the upcoming cryptocurrency exchange law. Alexey Yakovlev, head of the Ministry of Finance's Financial Policy Department, stated that stablecoins possess "enormous potential" and that the ministry plans to address the regulatory issues of stablecoins as soon as possible after the State Duma passes a law prohibiting citizens from trading cryptocurrencies on unlicensed platforms.
Stablecoins currently lack legal status under Russian law. The Central Bank of Russia previously created a category called "Foreign Digital Rights," which allows certain stablecoins to be approved for cross-border payments. Last October, the ruble-pegged stablecoin A7A5 was approved as the first such asset to be used for overseas trade.
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