This round of actions by the Bank of Russia is treating stablecoins as sovereign currency—pegged to the ruble with extra overcollateralization. It looks open on the surface, but in reality it’s consolidating control: the endgame of Web3, as expected, is for the state team to step in.

The Russian Central Bank, in its report "Stablecoins: Directions for Development in Russia," proposed a regulatory framework for stablecoins, aiming to bring stablecoin transactions under state control and position them as investment tools or cross-border settlement instruments. The plan allows stablecoins to be pegged to the ruble or foreign currencies, but issuers of foreign-currency stablecoins must convert them into rubles at a predetermined exchange rate. The Russian Central Bank also intends to require issuers to support holders' right to redeem at any time, with completion within 3 business days at the latest; private companies issuing stablecoins must provide overcollateralization, with collateral value at least 2% higher than the issuance size, and regularly disclose issuance volume, reserves, and fund allocation. (Bits media)