Bank of Russia Warns on Cryptocurrency Risks

The Bank of Russia has identified the spread of cryptocurrencies and stablecoins as risks to the Russian financial market, according to its draft main directions for development from 2027-2029.

The regulator is concerned that these assets can be used not only for investments but also as a substitute for national currencies in transactions. The decentralized and cross-border nature of cryptocurrencies increases the risk of losing money and their use in illicit operations, according to the Central Bank.

The lack of uniform rules for cryptocurrencies across countries creates an additional problem. National restrictions may not be sufficient, and some operations may shift into the shadow sector.