According to ME News, on June 4 (UTC+8), Ivan Chebeskov, Deputy Minister of the Russian Ministry of Finance, stated that Russia does not wish to permit USD-denominated stablecoins to circulate in its market. Chebeskov noted that foreign stablecoin issuers such as USDT and USDC have the ability to freeze users' wallet assets. Once such wallets engage in transactions with platforms licensed by the Central Bank of Russia, the risk of asset freezes for holders would significantly increase. He revealed that previously, USD stablecoins held by Russian legal entities had been frozen by their issuers, while Bitcoin and Ethereum have not experienced similar incidents due to the lack of such technical capabilities. The Russian Ministry of Finance believes it is necessary to establish a dedicated regulatory framework for stablecoins, prioritizing the development of stablecoins pegged to the ruble and currencies of friendly nations, while granting the Central Bank of Russia the authority to adjust the list of eligible assets. (Source: ODAILY)
Russia's Ministry of Finance Opposes Dollar-Backed Stablecoins, Prioritizes Ruble-Backed Alternatives
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Summary
Russia’s Ministry of Finance is opposing dollar-backed stablecoins, including USDT and USDC, as Deputy Finance Minister Ivan Chebeskov highlighted risks associated with foreign asset freezes under CFT measures. The remarks were made on June 4, as the ministry outlined plans to develop a regulatory framework for stablecoins, favoring ruble-pegged and currencies from friendly nations instead. This position reflects broader concerns over the debate between dollar dominance and cryptocurrency, with Moscow seeking to reduce dependence on Western-controlled digital assets. Past freezes on Russian entities have accelerated efforts to develop domestic alternatives.
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