Russia's finance ministry is considering pursuing a separate bill for stablecoin rules rather than including them in the existing law that regulates cryptocurrency trading.
According to a recent report by DL News, Alexei Yakovlev (알렉세이 야코블레프), director of the Finance Ministry's financial policy department, said stablecoins have "enormous and tremendous potential" and made the remarks.
Russia is also reviewing ways to use stablecoins as a means of bypassing sanctions.
Russian law currently has no clear legal definition of stablecoins. Yakovlev said the current consensus is that stablecoins are similar to a type of digital currency. He said he would continue discussions with the central bank and market participants.
The Russian government plans to move ahead in earnest with a stablecoin regulatory framework after the parliament, the State Duma, passes a bill restricting cryptocurrency trading on unauthorised platforms.
Chi-gyu Hwang
delight@d-today.co.kr