The Bank of Russia has launched a regulatory sandbox to test digital currencies secured by real assets as was stated by the head of the Central Bank of the Russian Federation Elvira Nabiullina.
The sandbox is designed for companies that want to issue tokens secured by some real assets. During the test, Central Bank will study such tokens and the way they function. However, “we do not assume that they [tokens] will function as a means of payment and become money surrogate,” Nabiullina added.
Elvira Nabiullina also confirmed the plans of the Central Bank to issue its own token.
“First of all, we need to understand what will be the advantages for our citizens, for business, for example, compared to instant payment systems, because the issue of the digital ruble can have serious consequences leading to changes in the structure of the financial market, deposits outflows and funds redistribution,” she noted.
In general, the head of the Bank of Russia believes that interest in cryptocurrencies in Russia has declined:
“Nevertheless, there are many people who sincerely believe in this prospect and not only those who would like to earn. In essence, this is the creation of a system of private money without government intervention,” Nabiullina added.
Earlier, the First Deputy Chairman of the Central Bank of the Russian Federation Sergey Shvetsov stated that stablecoins secured by commodity assets could become a strong competitor to the commodity-exchange market.