{"id":127360,"date":"2025-04-17T07:19:40","date_gmt":"2025-04-17T07:19:40","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127360"},"modified":"2025-04-17T07:19:40","modified_gmt":"2025-04-17T07:19:40","slug":"russia-finance-ministry-official-floats-country-making-own-stablecoins-report","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127360","title":{"rendered":"Russia finance ministry official floats country making own stablecoins: Report"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsA Russian finance ministry official has reportedly said the country should be developing its own stablecoin after a recent freeze on wallets linked to the sanctioned Russian exchange Garantex by US authorities and stablecoin issuer Tether.\u00a0<br \/>\nDeputy director of Russia\u2019s Finance Ministry\u2019s financial policy department, Osman Kabaloev, said the Kremlin should be exploring the possibility of developing a stablecoin like Tether\u2019s (USDT) to avoid similar actions in the future, according to April 16 reports by Reuters and the state-owned news agency TASS.<br \/>\n\u201cWe do not impose restrictions on the use of stablecoins within the experimental legal regime. Recent developments have shown that this instrument can pose risks for us,\u201d Kabaloev told TASS.<br \/>\n\u201cThis leads us to consider the need to develop internal instruments akin to USDT, potentially pegged to other currencies.\u201d<br \/>\nOn March 6, the US Department of Justice collaborated with authorities in Germany and Finland to freeze domains associated with Garantex, which authorities claimed processed over $96 billion worth of criminal proceeds since launching in 2019.<br \/>\nStablecoin operator Tether also froze $27 million worth of its stablecoin on March 6, forcing Garantex to halt all operations, including withdrawals.<br \/>\nThe US Treasury\u2019s Office of Foreign Assets Control first hit Garantex with sanctions in April 2022 over alleged money laundering violations.<br \/>\nRussian crypto exchange Garantex had to halt withdrawals after Tether Froze $27 million of its USDT. Source: US Department of JusticeGarantex has allegedly resurfaced under a new name after reportedly laundering millions in ruble-backed stablecoins and transferring them to a newly established exchange, a Swiss blockchain analytics firm has claimed.<br \/>\nRussia already making crypto moves\u00a0<br \/>\nMeanwhile, Evgeny Masharov, a member of the Russian Civic Chamber, proposed on March 20 to create a Russian government crypto fund that would include assets confiscated from criminal proceedings.<br \/>\nRelated: $1T stablecoin supply could drive next crypto rally \u2014 CoinFund\u2019s Pakman<br \/>\nAt the same time, other officials were progressing with new legislation on recognizing crypto as property for the purposes of criminal procedure legislation.<br \/>\nThe whole stablecoin market capitalization has grown since mid-2023, surpassing $200 billion in early 2025. A joint report from onchain analysis platforms Artemis and Dune, meanwhile, showed that active stablecoin wallets increased by over 50% in one year.\u00a0<br \/>\nStablecoins also saw massive adoption in 2024, driven by the increased use of bots, with total stablecoin volumes reaching $27.6 trillion, surpassing the combined volumes of Visa and Mastercard by 7.7%.\u00a0<br \/>\nMagazine: DeFi will rise again after memecoins die down: Sasha Ivanov, X Hall of Flame<a href=\"https:\/\/cointelegraph.com\/news\/russia-finance-ministry-official-floats-country-making-own-stablecoins-report?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsA Russian finance ministry official has reportedly said the country should be developing its own stablecoin after a recent freeze on wallets linked to the sanctioned Russian exchange&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127360"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127360"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127360\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127360"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}