Bank of Russia Flags Crypto and Stablecoins as Financial Market Risk

The Bank of Russia has warned that stablecoins and other digital assets could increasingly be used as substitutes for the ruble, posing risks to financial stability.

The central bank expressed concerns over the lack of regulation in the international crypto market, which could create conditions for an unregulated segment of the market to develop.

Russia had established a licensing structure for crypto intermediaries before this latest warning. The regulator has called for criminal liability for operators that organize digital currency circulation without regulatory authorization.