🇷🇺 The Central Bank of Russia proposes to create rules for ruble stablecoins.

Main point: The Central Bank of Russia does not propose to legalize payment for goods and services in stablecoins within the country, but wants to discuss separate rules for their issuance and use in cross-border settlements.

Possible scenarios:

➤ Leave everything as is: Currently, there is no separate concept of "stablecoin" in Russia, but digital financial assets (DFAs) with similar characteristics can be issued. They are allowed for investments and international settlements, but not for domestic payments.

➤ Introduce a separate status: Russian stablecoins could be designated as a separate type of DFA. This would simplify their identification and increase trust from market participants.

➤ Launch regulation through an experimental legal regime.

➤ Establish permanent regulation – a longer path, but the rules will be in effect on a permanent basis and give the market more certainty.

➤ The Central Bank is considering a scenario where only banks and special purpose vehicles (SPVs) can be issuers of Russian stablecoins.

➤ For SPVs, segregated asset backing, possible overcollateralization, and oversight by an independent party are proposed. For banks, the requirements are softer – stablecoins can be backed by the credit institution's own assets.

➤ The Central Bank considers lifting the ban on the use of DFAs and stablecoins for payment of goods and services between residents unjustified. The reason is the risk of fragmentation of monetary circulation and threats to financial stability.

➤ Until September 1, market participants can send their proposals to the Central Bank. After that, the regulator will be able to decide whether Russia needs separate rules for stablecoins or the current DFA regime is sufficient.