The Russian Ministry of Finance does not want to allow transactions with dollar-denominated stablecoins

On June 4, according to Bits.media, Russian Deputy Finance Minister Ivan Chebeskov stated that if foreign stablecoins are allowed to be traded in Russia, their issuers may directly freeze them in users' wallets, specifically targeting USDT and USDC. He pointed out that once these wallets begin trading with platforms licensed by the country's central bank, the risk for holders will increase sharply. There have already been cases of dollar stablecoins held by Russian legal entities being frozen, while Bitcoin and Ethereum have not yet experienced freezes due to a lack of technical means. The Russian Ministry of Finance believes it is necessary to develop specific legislation for stablecoins, prioritizing tokens pegged to the ruble and currencies of friendly countries, with the central bank retaining the right to adjust the list at its discretion. The issue of foreign stablecoins entering the "regulated Russian framework" has sparked market controversy, as the country's Ministry of Finance and Central Bank initially advocated for excluding stablecoins from legal investment instruments.