Russia Finance Ministry Official Floats Country doing its own stablecoins: Report
A Russian financial ministry officer has reportedly said that the country should develop its own stablecoin after a recent Freeze in purses linked to the Russian Exchange Garatex of US and Stablecoin authorities who gave the tether.
Deputy Director of the Russian Financial Policy Department of Financial Policy Osman Kabaloev, said the Kremlin should explore the possibility of Developing a stablecoin Like Tether (USDT) to avoid similar actions in the future, According to until April 16th Report by Reuters and the state-owned agency Tass.
“We have not imposed restrictions on the use of stablecoins within the experimental legal regime. Recent developments have shown that this instrument can pose risks for us,” Kabaloev told Tass.
“This leads us to consider the need to produce internal instruments similar to the USDT, which potentially contribute to other currencies.”
On March 6, the United States Department of Justice Collaborated Authorities in Germany and Finland to freeze the domains associated with Garantex, which authorities have claimed to have processed more than $ 96 billion worth of criminal proceeds since the launch in 2019.
Stablecoin operator Tether also frozen $ 27 million Its Stablecoin value on March 6, forced Garantex to stop all operations, including backwards.
Foreign Assets Foreign Assets Office Foreign Assets first controls Press GARANTEX with penalties in April 2022 In alleged money laundering violations.
Garantex has Enhanced resurrected under a new name After reported laundering millions of ruble-back stablecoins and move them to a newly established exchangeA Swiss blockchain analytics firm is claimed.
Russia already makes crypto moves
Meanwhile, Evgeny Masharov, a member of the Russian Civic Chamber, proposed on March 20 to Create a Crypto government fund That will include the property that confiscated from criminal proceedings.
Related: $ 1T Stablecoin supply can drive to the next crypto rally – Coinfund’s pakman
At the same time, other officials are advancing the new crypto recognition law as a owner for the purposes of the law in the criminal procedure.
The entire Stablecoin market Capitalization has grown since mid -2023. has shown active wallets of stablecoin increased by more than 50% a year.
Stablecoins also saw massive adoption in 2024, encouraged by increasing use of bots, with a total amount of stablecoin reaches $ 27.6 trillion, exceeding the combined Visa and MasterCard volumes of 7.7%.
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