PSB: New cryptocurrency law is key to de-dollarizing the Russian economy
The global financial architecture is undergoing a tectonic shift. The single global settlement system, which has served as the foundation of international trade for decades, is rapidly fragmenting. In these conditions, Russia faces the need to create its own payment infrastructure independent of the dollar. And, according to Mikhail Dorofeev, Deputy Chairman of PSB, it is the upcoming law on cryptocurrency regulation that will become the very tool to indirectly solve this strategic task.
Speaking at the XIV St. Petersburg International Legal Forum, Dorofeev shifted the focus from the usual agenda of protecting the rights of private investors to a more fundamental level. In the new paradigm, cryptocurrencies are not so much an object of investment and speculation, but rather a technological basis for building a non-dollar settlement network. The goal is to create a tool for cross-border settlements that will be organically integrated into the currently disintegrating unified system, yet remain completely sovereign.
What will the new law change?
The emerging legislation, according to the PSB representative, will streamline activities in several key areas at once. These are not just point amendments, but a comprehensive reform affecting all segments of the digital asset market:
- Exchange activities: The law will clearly define the rules of operation for Russian crypto exchanges, legalizing their activities.
- Interbank sector: Cryptocurrency settlements between banks will be fully regulated, paving the way for institutional operations.
- International transfers: The norms will affect cross-border transactions of investors using fintech solutions, making them transparent and legal.
- Foreign platforms: The purchase of digital assets on foreign platforms will be streamlined, reducing risks for retail investors.
Session participants also discussed the need to harmonize Russian legislation with the norms of the EAEU countries, examined various legal models for crypto assets, and exchanged experiences in regulatory oversight.
Expert opinion: Shifting the focus from investor protection to ensuring financial sovereignty is a tectonic shift in the perception of cryptocurrencies at the state level. If the law is adopted in the stated logic, we will witness not just legalization, but the transformation of digital assets into a strategic tool of Russia's foreign economic policy. However, the key issue will remain the speed of its adoption and the readiness of the infrastructure for such large-scale changes.