Anatoly Aksakov, the chairman of Russia’s State Duma Committee on Financial Markets, has affirmed that a state-backed stablecoin would necessarily be the equivalent to a digital fiat currency in digital space that would be state-operated. Basically, a digitally encrypted ruble.
Like some other private stablecoins now, the chairman has affirmed that you would be able to automatically convert the money. Also, he underlined that the crypto ruble or “ruble in the blockchain” would replace the fiat version as soon as the blockchain started to occupy a relevant place in the industry and in the economy of Russia.
However, he also noted that this process would have to be fully regulated by the Russian central bank and the government, which would mean that this would be a decentralized crypto like Bitcoin.
In the past, he has already talked about the possibility of the government launching a state-backed crypto pegged to the Russian ruble but until now he did not delve a lot in the subject.
Some officials from the government, however, are not so keen on cryptos. Dmitry Peskov, a representative of the Russian government, has affirmed that the circulation and issuance of cryptocurrencies contradict the most basic functions of a government, so this means that some people will always oppose the technology.
Will Russia really have its new “e-rubble”? It is simply too early to tell, now, but we may have some better answers in the future, so let’s keep an eye in Russia for now.