Market participants to discuss stablecoin regulation in Russia

MOSCOW, June 25. /TASS/. The market players suggest discussing the need for separate regulation of stablecoin issue in Russia, the Central Bank said in an advisory report posted on its website.

"The market players propose to discuss the possible need for introducing special regulation of stablecoins issue in Russia, in order to address the specific feature of such instrument and increase the demand for them in cross-border payments," the regulator said.

According to the Central Bank, special regulation of stablecoin issue in Russia may stipulate requirements to sufficiency and quality of the collateral for stablecoins, requirements to their redemption at the par value and the maturity, requirements to financial stability of stablecoins and other requirements. The issue needs to be discussed concerning the necessity of establishing such requirements in conditions when the current opportunity of floating digital financial assets (DFA) with similar characteristics does not enjoy demand.

Granting the opportunity of using DFA or stablecoins issued in Russia for internal settlements will need higher requirements to them, aimed at mitigating risks for price and financial stability and preserving unity of monetary circulation, the report indicates.