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The Central Bank of Russia will not allow the use of stablecoins as a means of payment within the country.
The Bank of Russia still views stablecoins or cryptocurrencies as a tool exclusively for cross-border operations, rather than for settlements within the Russian Federation, said Kirill Pronin, the director of the financial market infrastructure department of the Central Bank.
"We are not ready and are currently not prepared to allow the use of stablecoins or digital assets as a means of payment within Russia. It seems to me that our digital payment space is very developed," he noted.