A7A5 assessed the development of the Russian cryptocurrency market

The ruble-denominated A7A5 stablecoin can already be used by Russian businesses as part of the new regulation of digital assets. Oleg Ogienko, Director of Government Relations and International Relations at A7A5, said this at the RBC Capital Markets forum.

"There is already a product with Russian roots — this is the ruble-denominated A7A5 stablecoin. Its tasks are broader than converting rubles into foreign stablecoins. It is already possible to rely on this product within the framework of the new regulation," Ogienko said.

According to him, businesses use digital currency in export and import payments as an additional tool. For its wider application in foreign economic activity, clear rules and an acceptable level of commissions are needed.

Ogienko drew attention to the fact that for the further development of the market, its own blockchain infrastructure is needed.

"It is important for Russia to create and develop infrastructure companies in the blockchain. We need our own RPC providers, digital depositories, and data oracle services. In some areas, there are either no such participants at all, or one or two players. This is not enough for the Russian market," he said. At the same time, the adopted regulation, according to him, creates conditions for the growth of institutional investments in this direction.

Ogienko also called cryptocurrency derivatives a promising tool, which allow hedging the risks of changes in the value of digital assets. In his opinion, such derivatives can become part of the infrastructure of the developing crypto market.