Russian Finance Ministry Opposes Dollar-Pegged Stablecoins

Russian Deputy Finance Minister Ivan Chebeskov has expressed opposition to the circulation of dollar-denominated stablecoins in the Russian market. According to Odaily, Chebeskov highlighted the ability of foreign stablecoin issuers, such as USDT and USDC, to freeze user wallet assets. He noted that if these wallets engage in transactions with platforms licensed by the Russian central bank, the risk of asset freezing for holders would significantly increase. Chebeskov revealed that there have been instances where dollar stablecoins held by Russian legal entities were frozen by issuers, a situation not yet seen with Bitcoin and Ethereum due to the lack of similar technical capabilities. The Russian Finance Ministry advocates for the establishment of a regulatory framework specifically for stablecoins. It also supports the development of stablecoins pegged to the ruble and currencies of friendly nations, while granting the Russian central bank the authority to adjust the list of related assets.