Last week, the head of the Bank of Russia said that the central bank has allowed companies to test asset-backed stablecoins in a regulatory sandbox, according to an
Interfax report.
Elvira Nabiullina, the Governor of the Central Bank of Russia, had previously said the country was against any form of
private currency as it may threaten financial sovereignty. The country’s Ministry of Internal Affairs had also announced plans to seize digital currencies in case of criminal activity.
In her statement to Interfax, Nabiullina said the regulatory sandbox was accessible to companies wanting to issue tokens backed by real assets. Consistent with previous reports, she clarified that ” we do not assume that they will function as a means of payment and become money surrogate. “
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