Russia To Create Ruble-Pegged Stablecoin

News | November 5, 2018 By:

Anatoly Aksakov, chairman of Russia’s State Duma Committee on Financial Markets, said that they are considering the creation of a ruble-backed stablecoin.

During a press conference on the growth of the debt load of Russian citizens, Aksakov said that he is confident that the government will back a cryptocurrency, “but it will be a ruble-pegged cryptocurrency.” He added that the cryptocurrency would be pegged to the ruble on a 1-to-1 basis and that a banking institution would issue a set amount of tokens based on a deposit made to Russia’s central bank.

“I am convinced that a cryptocurrency will appear, but it will be a secured cryptocurrency,” Aksakov. “At some bank, a certain amount of money is deposited on the deposit, and the bank issues the appropriate amount of crypto tools. The ratio of this currency will be one to one with the ruble.”

In October 2017, Russia’s president Vladimir Putin ordered the creation of Russia’s national cryptocurrency, largely referred to as the cryptoruble. In January of this year, Sergey Glazyev, an economic adviser to Putin, said that “a cryptorouble would be a useful tool to get around international sanctions.”

“This instrument [cryptoruble] suits us very well for sensitive activity on behalf of the state,” Glazyev said at the time. “We can settle accounts with our counterparties all over the world with no regard for sanctions.”