The concept of a stablecoin of the Russian ruble received special attention during a local crypto major, the blockchain forum in Moscow, with key frames from the industry reflecting on some of the basic characteristics of a stable coin on the back of the ruble may need.
Sergey Mendeleev, founder of the Digital Settlement Exchange expired and inactive founder of the Protex Exchange sanctioned, presented seven key criteria for a potential “Tether replica” in a speech at the Blockchain forum on April 23.
Mendeleev said that a potential stablecoin of the ruble must have transactions that are not found and allow transfers without knowing your customer checks (KYC).
However, as one of the criteria also requires that stablecoin complies with Russian regulations, it has expressed skepticism that such a product could emerge soon.
The rented dai model
Mendeleev proposed that a potential “replica” of Russian “replica” is overdoed in a similar way to the Stablecoin Dai model (DAI), a decentralized algorithmic stablecoin which keeps its ankle one by one with the US dollar using intelligent contracts.
“Thus, anyone who buys it will understand that the contract is based on the assets that secure it, not somewhere on certain unknown accounts, but free to be verified by simple crypto methods,” he said.
Another essential feature should be excessive liquidity on centralized and decentralized exchanges, said Mendeleev, adding that users must be able to exchange the stablecoin at any time.
According to Mendeleleev, a viable ruble stablecoin must also offer non -KYC transactions, so that users are not required to transmit their data to start using it.
“Russian ruble stable should have the opportunity where people use them without disclosing their data,” he said.
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In the meantime, users should be able to gain interest in the maintenance of Stablecoin, continued Mendelev, adding that the offer of this feature is available via smart contracts.
Russia opts for centralization
Mendeleev also suggested that a potential Russian version of the USDT of Tether (USDT) should include inexpensive and inexpensive transactions, while its intelligent contracts should not allow blocks or frosts.
The final criterion is that a potential stable of the ruble should be regulated in accordance with Russian legislation, which does not currently seem promising, according to Mendeleev.
“Once we have gathered these seven points […] Then, it would be a real alternative, which would at least help us to compete with the solutions that are currently on the market, “he said at the conference, adding:
“Unfortunately, from the point of view of the regulations, we are currently going to the absolutely opposed direction […] We are going in the direction of absolute centralization, and not in the sense of the liberalization of laws, but the consolidation of prohibitions. »»
Possible solutions
Although the regulatory side does not seem good, a potential Russian version of the USDT is technically possible, Mendeleev told Cointelegraph.
“With the exception of anonymous transactions, everything is easy to implement and has already been deployed by several projects, but it is simply not yet unified in a single project,” he said.
The Crypto lawyer specifically referred to interesting opportunities by projects such as Stablecoin A7A5 at Pointe de Rouble, unlockable Dai contracts and others.
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The regulations are necessary but not sufficient, said Mendeleev, adding that the most difficult part is the confidence of users who must see the stablecoin of the ruble as a viable alternative to major alternatives like the USDT.
Recent reports suggest that the deputy chief of the Ministry of Financial Policy of the Ministry of Finance of Russia has urged the government to develop stables of the ruble.
Elsewhere, the Russian Bank continued to progress its digital currency of the Central Bank, the digital ruble. According to the Minister of Finance, Anton Seanov, the digital ruble should be deployed for commercial banks in the second half of 2025.
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