The Russian Central Bank "tests" stablecoins. Cryptocurrencies are still embarrassing.

Cryptocurrencies in many countries it is a rather tart subject due to the lack of regulation in legal systems. Standing at the head Russian Central Bank Elvira Nabiulinna, in the world of digital assets, is known for her unfavorable statements regarding the implementation of non-cash solutions based on cryptocurrencies. Probably from here was born the idea to announce a test period for stablecoins in the current financial system of Russia.

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Troublesome cryptocurrencies

Even before Christmas, it was quite loud that the world's largest music and movie playback service - YouTube - began to gradually remove videos related to cryptocurrencies. The management board did not inform about such actions beforehand. Until a lot of information from website users began to flow in, materials about digital assets slowly disappeared. After a few days, the platform admitted its error as a mistake in the verification process. The videos slowly return to the page. To this day, it is not known whether this was a deliberate action.

Tokens under the microscope

We have written much earlier about the use of tokens as replacement for shares. In contrast, there are serious plans in Russia to replace physical assets with digital ones. The process itself is associated with numerous legal regulations, and as the head of the Russian Central Bank herself admits, for now the bank is only at the level of testing and looking for the use of cryptocurrencies. However, it is not expected that tokens will be taken seriously as potential means of payment in the near future.

By China and Uzbekistan

Uzbekistan authorities have already decided to ban the purchase of cryptocurrencies some time ago. This is to prevent the spread of cryptographic technologies. Interestingly, not too long ago the government of this country was close to accepting the introduction of regulated trading in cryptocurrencies. Currently, nothing is left of the plans, and people who purchased digital assets at that time have the option of selling them on one of the two stock exchanges operating in the country.

China has a similar problem in the form of fighting cryptocurrencies. The local counterpart of our KNF - CSRC, appeals to the country's authorities to take measures to prohibit the use of digital assets. The risk of developing and increasing trading in this market is keeping Asian regulators awake at night.