At the Blockchain Forum in Moscow, the idea of a Russian ruble stablecoin was a focal point. Sergey Mendeleev, a key figure in the industry, outlined seven essential criteria for a potential ruble-backed stablecoin. He emphasized the need for untraceable transactions, no KYC checks, compliance with Russian regulations, and overcollateralization similar to Dai. Mendeleev also highlighted the importance of liquidity, non-KYC transactions, interest-earning capabilities, and regulatory compliance. While the technical aspects seem feasible, regulatory challenges remain. The concept of a Russian stablecoin is gaining traction, with calls for the development of ruble stablecoins by government officials. Despite hurdles, the digital ruble project by the Bank of Russia is progressing. The potential for a Russian stablecoin to compete with established alternatives like USDT hinges on user trust and regulatory support. Read more AI-generated news on: https://app.chaingpt.org/news

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