Russia’s central bank begins testing of stablecoins

The governor of Russia’s central bank, Elvira Nabiullina, revealed that she’s letting companies test stablecoins. The governor who overtime has shown skepticism about crypto and said would violate the financial sovereignty of central banks, said regulations are in place. Alongside testing stablecoins, the Russian reserve bank aims to continue testing and exploring the possibility of creating Russia’s own central bank digital currency (CBDC) the electronic ruble. Nabiullina mentioned that part of the aim of the testing is to understand if there are any benefits of issuing CBDCs like other countries’ central banks are working to achieve. Russia’s central bank regulatory