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The Bank of Russia opposes the use of stablecoins when paying for goods and services

The Bank of Russia management believes that the use of stablecoins as payment instruments will undermine the stability of the financial system. The position of the regulator at the press conference was expressed by Alexey Zabotkin, who holds the post of deputy head of the Central Bank. He emphasized: We strongly object to this entity [использование стейблкоинов]… We will stand firmly enough on this position. The only payment instrument in our country is the Russian ruble. A stablecoin is a commitment from a commercial entity. Such tokens are one-to-one tied to a fiat currency. In this regard, they are less reliable compared to the state digital currency, the security of which is guaranteed by the Central Bank. That is why the regulator is categorically against the use of stablecoins as payment instruments in our country, Zabotkin summed up. Note that Tether (USDT) is currently the largest stablecoin. The second place is taken by USD Coin (USDC). Their capitalization is currently $ 43.674 billion and $ 10.812 billion, respectively.

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