Tithar – The USDT US Company – frozen 2.5 billion rubles from the American Guarantx platform due to the sanctions imposed by the European Union, forcing the platform to stop its activities last March.
A high -level financial official said on Wednesday that Russia was to develop stable currencies (Stablecoins), following the freezing of a reservation which includes the assets of the USDT linked to the country last month, which led to the confusion of digital transactions and increased concerns linked to the use of external external currencies.
This has been provoked by Osman Kabaloev-Deputy, the head of the Department of Financial Policy of the Russian Ministry of Finance to declare that Russia should consider developing local alternatives to common currencies such as Tether-USDT, according to Reuters.
The prohibition of the USDT invites Russia to explore the development options of stable currencies locally
“The freezing of the sales recently pushes us to present the need to develop similar payment methods for a locally USDT, the value of which can be linked to the value of other parts,” added Kabaliv.
According to Reuters, Osman Kabaloev, deputy chief of the Department of Financial Policy of the Ministry of Finance of Russia, said that the country should consider the development of its own stablecoins, potentially fixed to the non-Dollaar currencies, after the freezing of the digital month linked to Russia …
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These comments came after Tithar – the export company of the Stable USDT – frozen assets linked to the Governor of the Russian platform Guarantx for digital currencies, which contained assets of stable currency with a value of more than 2.5 billion Russian rubles (RUB), after the last European Union sanction.
The sanctions and the prohibition of the governor reveal the risk of relying on stable currencies exported outside
Stable currencies are generally linked to the value of the US dollar (USD) or other parts, and are generally used to facilitate digital currencies and international transfers, and the stability of their value and their lack of fluctuations in fact an attractive choice, in particular in areas faced with financial restrictions or penalties.
In Russia, the use of the USDT currency is spreading among companies to carry out international transactions, in an increasing direction resulting from continuous restriction of access to global payment systems after Western sanctions. Moscow organizational authorities have enabled the use of digital currencies in a limited manner to carry out international payment operations, while their use has remained local.
The call to issue stable and developed currencies reflects the Russian growing concerns concerning the understanding of digital assets controlled by foreign companies with the declaration of the company Tithar previously that they comply with the requirements of the international organization, including the implementation of sanctions, which has led to the freezing of similar wallets in other regions.
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The position is a manager of the Russian Ministry of Finance declares that Russia must develop its own stable currencies that appeared first on Arab Cryptonews.