The Bank of Russia – the central bank of the nation – has reportedly made an initiative to begin putting stablecoins, pegged to real assets in a regulatory sandbox, through testing phases. 

Specifically, Elvira Nabiullina – the government of The Bank of Russia – reportedly shared that the bank is not looking to make any assumptions, regarding stablecoins’ ability to serve as a payment option, or being a viable alternative option aside money. 

Nabiullina further disclosed that the Bank of Russia is investing resources in researching the possible adoption of stablecoins – digital currencies pegged to a different asset, to eliminate the volatility crypto markets could bring – in real life.

“We are testing stablecoins in our regulatory ‘sandbox’. We see companies willing to issue tokens pegged to certain real assets. In our regulatory sandbox, we are learning the potential uses of stablecoins but we do not assume that they will function as a means of payment and become a surrogate for money .”

the Russian central bank is making initiatives to discover the potential for the issuance of its own central bank digital currency (CBDC) – the digital ruble – per Nabiullina. 

The central bank is looking to gather all necessary knowledge first, concerning the possible effects of CBDCs, from existing jurisdictional experiences throughout the globe.