State Duma Chairman Positively Briefed About Russian Stablecoin

The chairman of Russia�s State Duma Committee on financial Markets has said that a state-backed stablecoin would be an entire like the Russian fiat ruble in a digital area, state-operated Russian press agency RIA novosti reported Nov. 7.

Chairman Anatoly Aksakov said that the �crypto ruble,� which can seem once the adoption of laws regulation the cryptocurrency industry in Russia, would be �the same ruble, simply in encrypted form.� The State Duma chairman explained that it'd be possible to alter the Russian stablecoin for the equivalent in fiat money:

"For example, you bring 100 thousand rubles to a bank and get 100 thousand crypto rubles, one to one for fiat money. You use these funds to buy goods fixed in the blockchain.�

Aksakov also underlined that the crypto ruble � �the ruble in blockchain� � would replace the fiat ruble �as soon as the blockchain begins to occupy a major place in our economy.� The chairman noted that this method should be regulated by the Russian central bank.

Last week, Aksakov had already claimed at a news conference that the govt. was considering the launch of state-backed cryptocurrency pegged to the Russian ruble, Cointelegraph reported November. 2.

However, previously this fall, the Russian president�s special representative on digital and technological development, Dmitry Peskov, had said that the circulation and issuance of cryptocurrencies �contradicts the fundamental functions of government,� Cointelegraph reported September. 10.

Meanwhile, the deputy director of the financial Market Development Department for Russia�s central bank disclosed that the bank had conducted an experimental Initial Coin offering (ICO) that �technically [...] was successful,� Cointelegraph reported September. 11.