A Russian finance ministry official has reportedly said the country should be developing its own stablecoin after a recent freeze on wallets linked to the sanctioned Russian exchange Garantex by US authorities and stablecoin issuer Tether. Deputy director of Russia’s Finance Ministry’s financial policy department, Osman Kabaloev, said the Kremlin should be exploring the possibility of developing a stablecoin like Tether’s (USDT) to avoid similar actions in the future, according to April 16 reports by Reuters and the state-owned news agency TASS.“We do not impose restrictions on the use of stablecoins within the experimental legal regime.
Recent developments have shown that this instrument can pose risks for us,” Kabaloev told TASS.“This leads us to consider the need to develop internal instruments akin to USDT, potentially pegged to other currencies.”On March 6, the US Department of Justice collaborated with authorities in Germany and Finland to freeze domains associated with Garantex, which authorities claimed processed over $96 billion worth of criminal proceeds since launching in 2019.
Related: $1T stablecoin supply could drive next crypto rally — CoinFund’s PakmanAt the same time, other officials were progressing with new legislation on recognizing crypto as property for the purposes of criminal procedure legislation.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Stephen Katte
The story "Russia finance ministry official floats country making own stablecoins: Report" has 422 words across 15 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Russia finance ministry official floats country making own stablecoins: Report" was covered 3 days ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 9 news stories per day.
It's most recent story was published 7 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
