Central Bank of Russia Begins Testing Stablecoins

Posted on Jan 5, 2020

The Russian Central Bank has launched regulation to allow companies to test stablecoins, as they explore the potential case uses for tokens secured by assets. Elvira Nabiullina, Governor of the Central Bank, has revealed they are also currently trialling a potential digital currency of their own. The testing will investigate whether the creation of a Russian CBDC (Central Bank Digital Currency) will provide notable benefits, as Nabiullina has previously been sceptical of cryptocurrencies and their volatility. The bank remains cautious of digital assets, noting that the pilot phase is important for them to ensure the nation isn’t the first to make mistakes.