Russia's Central Bank Chief Takes Cautious Stance on Stablecoins, Considers Them Only for International Settlements

According to Bits.media, Russia's Central Bank Governor Elvira Nabiullina said on July 3 that the central bank is closely monitoring stablecoins' use in international settlements but will only consider them as a supplement to the digital ruble, maintaining a cautious approach to domestic stablecoin settlements. She stated the central bank will not prioritize this direction.

Nabiullina revealed that the central bank is actively discussing the issuance of a ruble-anchored stablecoin under state control and analyzing its feasibility for cross-border operations alongside central bank digital currency. The central bank proposed a stablecoin regulatory framework requiring all operations to be conducted under state control through exchanges or licensed conversion points.