Central Bank of Russia, Finance Ministry discussing regulation of stablecoins

MOSCOW. Sept 18 (Interfax) - The Finance Ministry and the Central Bank of Russia are discussing the regulation of stablecoins in addition to the issue of investing in cryptocurrencies, Deputy Finance Minister Ivan Chebeskov told journalists on the sidelines of the Moscow Financial Forum.

"In addition to investing in cryptocurrencies, perhaps the issue on the agenda is now broader. We see emerging regulation in the area of stablecoins and digital financial assets globally. Therefore, we are now strategically looking to form corresponding regulation in our country as well, which would align with the challenges and conditions that exist worldwide," Chebeskov said.

"We are currently discussing this [with the Central Bank]. So here, there are probably no questions of for or against. I think we and the Central Bank are on the same side here. We want this toolkit, this regulation, to be in the interests of the Russian Federation, business and citizens," he said.

The issue of investing in cryptocurrencies continues to be discussed, he said.

The CBR said in March that it had sent a proposal to the government to permit cryptocurrency transactions within an experimental legal regime (ELR) for the category of especially qualified investors. This is a new status that citizens are expected to be able to obtain if their investments in securities and deposits exceed 100 million rubles or if their income was more than 50 million rubles in the previous year. Later, the director of the Finance Ministry's financial policy department, Alexei Yakovlev, said that the ministry is proposing to lower the requirements for recognition as an especially qualified investor in order to expand the circle of ELR participants and test the mechanism more thoroughly before making changes to the law.

The Central Bank also said in a letter that it still does not consider cryptocurrency as a means of payment.