A Russian stablecoin? Yes, you read that right! Bank of Russia stablecoins experiments are currently underway in a regulatory sandbox for performance testing. The Central Bank of Russia says such a coin is being developed to counter similar developments from other countries especially China. However, the bank has clarified that a Russian stablecoin will not be used for retail payments or be a substitute for the country’s fiat currency in the long run. The current Russian stablecoin developments mark a significant shift in the country’s stance towards cryptocurrencies. The Russian government does not view the crypto industry in a positive
