The Chairman of the Russian State Duma Committee on Financial Markets has stated that a state-backed stablecoin would be the same as a digital fiat ruble. Anatoly Aksakov stated that it would be “the same ruble, just in encrypted form”.

The Chairman also noted that the digital ruble would replace the fiat ruble “as soon as the blockchain begins to occupy a significant place in our economy”.

Russia is still working on implementing a regulatory framework for cryptocurrencies, even though Russian banks have begun implementing blockchain technology for financial services.

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