MOSCOW—The Bank of Russia has initiated testing of stablecoins pegged to real estate under its regulatory sandbox program.
The effort was announced by the central bank’s chairperson, Elvira Nabiullina, Finance Magnates reported.
Nabiullina explained the bank is now studying the nature of the digital currencies – if they can function as a mode of payment or become “money surrogate.”
“We test stablecoins in our regulatory ‘sandbox’. Companies that want to issue tokens secured by some real assets. We in the sandbox look at how they can work, but we do not assume that they will function as a means of payment and become money surrogate,” Nabiullina said.
Numerous Countries in Tests
As CUToday.info has previously reported, the central banks of numerous countries have digital currency pilots or initiatives underways in various states. In the U.S., officials with the Fed and Treasury recently indicated they don’t see any action on a digital currency in the country for at least five years.