Russia should develop its own national stablecoin, says finance ministry official

A senior official at the Russian Ministry of Finance said on the 17th (local time) that the country should consider developing its own stablecoin.
Osman Kabaloev, a former US official, said in a statement that U.S. authorities have been investigating the sanctions imposed on Russian exchange Garantex, which is a stablecoin issuer of Tether.
After freezing the linked wallets, he said Russia should consider developing its own stablecoin. He added: "We will continue to support the use of stablecoins within an experimental legal framework."
"We have not placed any restrictions on the use of this tool. Recent developments have shown us that this tool may pose risks to us," he said, adding, "This will allow us to use an internally stabilised cryptocurrency similar to USDT."
On March 6, the US Department of Justice announced that it was working with German and Finnish authorities to process more than $96 billion in criminal proceeds since the company's establishment in 2019.
On the same day, Tether froze $27 million in stablecoins and shut down all operations at Galantex.
Meanwhile, Russia is already developing crypto-related legislation, with the government working on new legislation that would recognize cryptocurrencies as assets in relation to criminal proceedings.