Inflationary is one of the biggest problems, which fiat currencies are facing with. Since Bitcoin introduced to the public in 2008, it could prove that financial market requires revolution. Bitcoin known as one of the revolutionary currencies, which totally changed the game. After a while, many altcoins with various features introduced to the world. Stablecoin is one of the revolutionary currencies, which considers as future money. In fact, stablecoins are pegged to some assets. The asset could be a precious metal such as gold or silver, fiat currency or even other cryptocurrencies. Many Central Banks are working on their own CBDC. Some also are trying to introduce their own stablecoin. In the latest news Russia is going to launch its own stablecoin.
Russia is going to launch its own stablecoin; Vladimir Putin signed the law
Recently, Vladimir Putin, Russia’s president signed the Russia’s recent cryptocurrency law.
Sberbank is one of the largest banks in Russia. They executives of Sberbank announced that they are considering the possibility of issuing their own stablecoin.
The local news agencies in Russia had an interview with Sergey Popov, the director of the transaction business at Sbebank. Popov mentioned in his interview that the banking is considering issuing its own stablecoin. He added that it would be pegged one-by-one to the Russian ruble.
By the new signed law, all the citizens in Russia can make payments using cryptocurrencies such as Bitcoin. The new law involves buying and selling, crypto-to-crypto exchanges, as well as loans in crypto. The law is starting from 1, January 2021.
The new crypto law makes the process easier
Popov reportedly noted that the new crypto law, which signed by Russia’s president will make the process much easier for them. As we mentioned above, recently Russia’s president signed a law called “On Digital Financial Assets” or DFA.
Popov believes that the new law will help them along the way. He thinks that the Russia’s stablecoin could become an instrument in order to use as settlements among other digital assets.