PSB: The new cryptocurrency law will become a tool for de-dollarizing the Russian economy
The global financial architecture is undergoing a fundamental transformation. A single global settlement system is gradually giving way to a network of independent regional and subregional payment institutions. Under these conditions, it is vital for Russia to create its own non-dollar payment infrastructure, and the key catalyst for this process could be the forthcoming law on cryptocurrency regulation.
PSB Deputy Chairman Mikhail Dorofeev, speaking at the XIV St. Petersburg International Legal Forum, clearly outlined this strategic framework. In his opinion, the new law should indirectly address the task of building an independent settlement system in Russia that easily integrates into the disintegrating single global network. This is not just about protecting the rights of private investors, but about sovereign settlements. In this logic, cryptocurrencies act not so much as an investment object, but as a technological basis for cross-border payments bypassing the dollar.
What the law will give the market
Legislation regulating digital currencies in Russia is only just beginning to take shape. Its adoption will streamline activities in several key areas at once:
- Exchange activities: Clearly define the operating procedures for Russian crypto exchanges.
- Interbank sector: Fully regulate cryptocurrency settlements between banks.
- International transfers: Establish norms for foreign transactions of investors using fintech solutions.
- Foreign platforms: Streamline the purchase of digital assets on foreign platforms.
Session participants also discussed the broader context — harmonization of Russian and foreign legislation, primarily that of the EAEU countries, examined legal models for crypto assets, and shared experience in regulatory oversight.
Expert opinion: This approach marks a paradigm shift. Instead of fragmented regulation aimed at protecting retail investors, we see an attempt to use cryptocurrencies as a strategic tool of foreign economic policy. If the law is adopted in this vein, it could dramatically accelerate the process of de-dollarization of the Russian economy, although it will require businesses to adapt to new, stricter rules of the game.