The Russian Ministry of Finance is considering introducing a new stablecoin legislation.

PANews, March 6 — According to Cryptopolitan, the Russian Ministry of Finance is considering introducing a new stablecoin bill to harness its “huge potential.” The ministry stated that they prefer to introduce the stablecoin legislation separately rather than bundling it with the upcoming new rules for cryptocurrency exchanges. Alexey Yakovlev, Director of the Financial Policy Department of the Ministry of Finance, said that stablecoins have “huge potential” and plan to address stablecoin regulation promptly after the State Duma passes a law banning citizens from trading cryptocurrencies on unlicensed platforms.

Currently, stablecoins have no legal status under Russian law. The Central Bank of Russia has previously created a category called “Foreign Digital Rights,” which can approve certain stablecoins for cross-border payments. In October last year, the stablecoin A7A5, pegged to the ruble, was approved as the first such asset permitted for overseas trade.