The concept of the Russian ruble Stablecoin has paid special attention to the main local cryptographic event, blockchain forum in Moscow, with key directors of the industry reflecting some of the basic functions that Stablecoin may require.

Sergey Mendelev, founder of Digital Settlement Exchange Exped and inactive founder Sanctioned Garaantex List, presented seven key criteria for the potential “replica of the imprisonment” in the speech on the blockchain forum on April 23.

Mendeleev said that the potential Rubel of Stablecoin must have unrivable transactions and allow the transfer of no importance of customer control (KYC).

However, because one of the criteria also requires Stablecoin to follow Russian regulations, he expressed skepticism that such a product may soon appear.

Dai praised model

Mendelev proposed that the potential Russian “Tether replica” must be excessively rounded similar to the Stablecoin Dai (Dai) model, decentralized algorithmic Stablecoin, which keeps its one to one Peg from Dollar US using wise contracts.

“So, every person who buys it will understand that the contract is based on resources that are supering it, and not somewhere on some unknown accounts, but checked free of charge by simple cryptographic methods,” he said.

Another necessary function should be excessive fluidity of both centralized and decentralized exchanges, said Mendeleev, adding that users must be able to replace Stablecoin at any time.

According to Mendeleev, a real Stablecoin with a ruble must also offer transactions other than KYC so that users are not obliged to transfer their data to start it.

“The Russian Rubel Stablecoin should have the opportunity in which people use it without disclosing their data,” he said.

Related: Russian Central Bank, Ministry of Finance to launch Crypto Exchange

In the meantime, users should be able to get interest to keep Stablecoin, Mendev continued, adding that the offer of this function is available through wise contracts.

Russia chooses centralization

Mendeleev also suggested that the potential Russian version of USDT (USDT) would have to contain impassable and low-cost transactions, while its wise contracts should not allow blocks or freezing.

The last criterion is that the potential Rubel of Stablecoin would have to be regulated in accordance with Russian regulations, which currently do not look promising, according to Mendeleeva.

“After submitting these seven points together […] Then it would be a real alternative that would at least help us compete with the solutions that are currently on the market, “he said at the conference, adding:

“Unfortunately, from the point of view of the regulation, we are currently going in the opposite direction […] We go towards absolute centralization, not in the direction of liberalization of rights, but to consolidate prohibitions. “

Possible solutions

Although the adjustment page does not look good, the potential Russian version of the USDT is technically feasible, Mendelev told Cointelegraph.

“With the exception of anonymous transactions, everything is easy to implement and has already been implemented by several projects, but it is simply not yet united in one project,” he said.

The cryptographic lawyer turned to captivating possibilities, such as Rule-Pgged A7A5 Stablecoin, UnbockBleble Contracs in Dai and others.

Related: The Russian cryptographic exchange of Mosca invaded the conversations with the ban on cash to the end

Regulation is necessary, but insufficient, said Mendeleev, adding that the most arduous part is the trust of users who must perceive Stablecoin ruble as a real alternative to the main alternatives such as USDT.

Recent reports suggest that the deputy head of the Russian Department of Financial Policy of the Ministry of Finance called on the government to develop the Stablecouins ruble.

Elsewhere, the Russian Bank continues to progress in the Digital Central Bank Digital Currency Digital project. According to the Minister of Finance, Anton Silanova, the digital ruble is planned To be introduced for commercial banks in the second half of 2025.

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