Sberbank is awaiting permission to launch a "people's" ruble stablecoin

Sberbank CEO Herman Gref stated that the bank is counting on a decision from the Central Bank of Russia that will allow the issuance of a ruble-denominated stablecoin for the domestic market. He noted that the lack of authorized transaction functionality keeps the Russian blockchain in a sandbox state and hinders the development of the digital economy.

Discussion with the Regulator

Gref stated that Sberbank is actively discussing the regulation issue with the regulator and expects a meeting on this issue in the near future. He emphasized that Russian legislation currently permits the issuance of stablecoins only for foreign economic activity, which limits opportunities for the domestic market.

Parameters for the New Stablecoin

Gref outlined several key conditions under which the stablecoin's launch would be possible:

1. Regulatory definition of the asset's status: The legal status of the stablecoin must be clearly defined within the framework of the law.
2. One-to-one collateralization: The stablecoin must be backed by federal loan bonds (OFZs) and other liquid assets without affecting the money supply.
3. Issuer under the supervision of the Central Bank: The stablecoin issuer must be under the control of the regulator.
4. Listing on a public blockchain: The stablecoin must be listed on an open blockchain to ensure transparency and accessibility.

Gref also noted that stablecoins can be used for settlements, savings, capital raising, and providing regulated access to the digital economy. He added that Russia has already taken steps to regulate mining and digital rights, but the lack of permitted internal transactions limits the development of the industry.

Regulatory Sandbox and the Future of Regulation

The Central Bank of Russia has created a regulatory sandbox to test new technologies and plans to introduce direct regulation of the crypto market by 2026, including a legal regime for crypto exchanges. This could be an important step toward creating a more favorable environment for the adoption of stablecoins and other digital assets.

Position of Government Agencies

In November, government officials voiced their position on the legal nature of stablecoins. At a session of the Constitutional Court, issues related to the legal status and regulation of stablecoins were discussed, underscoring the importance of this topic for the future of Russia's financial sector.

In Conclusion

The launch of a "people's" ruble-denominated stablecoin could be a significant step toward the development of the digital economy in Russia. However, to achieve this, a number of legal and regulatory barriers must be overcome, requiring active cooperation between financial institutions and government agencies.