The Bank of Russia, the country’s central bank, has reportedly started testing stablecoins pegged to real assets in a regulatory sandbox.

Elvira Nabiullina, Russia’s central bank head, said that the bank doesn’t assume that those stablecoins will function as a means of payment or become a substitute for money, Russian news service Interfax reported on Dec. 25.

Nabiullina noted that the Bank of Russia is exploring the potential uses of stablecoins — cryptocurrencies that are pegged to another asset to prevent the volatility associated with crypto markets. She said:

“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 .”

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Full Text： cointelegraph

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