Crypto news

The Central Bank of Russia has once again reaffirmed its tough stance: stablecoins have no place in domestic circulation. The ruble remains the sole legal tender, and the regulator has no intention of encroaching on this monopoly. However, for cross-border settlements, the Central Bank allows an exception, putting forward for public discussion the creation of special rules for such assets. At the same time, the regulator itself expresses deep skepticism regarding the feasibility of this measure.

Briefly on the main points: skepticism and systemic risks

The key theses of the published analytical material can be grouped as follows:

• Domestic payments in digital coins remain strictly prohibited.
• The use of these instruments in foreign trade transactions is still under discussion.
• Sanctions are recognized as the main threat, as issuers can block wallets.
• There is still no official definition of stablecoins in domestic legislation.

In the event of legalization, only commercial banks or specialized companies could become potential issuers, and the corresponding register would be directly controlled by the regulator.

The overall tone of the document appears highly skeptical and even critical. The Bank of Russia is not trying to completely demonize the industry, but it certainly does not share market optimism. Experts consider the value of stablecoins for private investors and the local market to be dubious. The authors debunk the popular myth of blockchain's technological superiority: the high speed and low cost of transactions in past years were explained solely by the lack of state control. As anti-money laundering standards are implemented worldwide, the Central Bank observes that these advantages are rapidly disappearing.

Geopolitics and sanctions risks: a real threat

The regulator focuses on geopolitical factors. The Central Bank reminds that issuers of centralized systems are capable of destroying or freezing coins without court decisions. For domestic companies, such risks have long become a reality. An example cited is the blocking of the Garantex exchange infrastructure in March 2025. For Russian businesses already facing external pressure, dependence on foreign stablecoin issuers represents an unacceptable level of vulnerability.

Domestically — no, abroad — perhaps

On matters of the domestic market, the department's position remains uncompromising. It is the national currency that ensures the financial sovereignty of the state. Consequently, the use of any tokenized rights for settlements within the country will remain prohibited, and no one intends to change these rules.

This decision is supported by a detailed economic analysis. Specialists found no advantages of stablecoins over standard non-cash transfers or the digital ruble being tested. According to Central Bank representatives, even automated settlements in the field of artificial intelligence can be easily implemented through classic banking. On the contrary, legalizing crypto assets would create a threat of fragmentation of the financial system, where instruments from different issuers would be difficult to exchange at par.

International settlements are recognized as the only promising area for applying new technologies. However, on this issue, the regulator is currently avoiding final decisions and is awaiting a response from businesses. Some market participants are requesting the approval of separate standards to distinguish settlement tokens from investment digital financial assets (DFAs).

Why is the Central Bank hesitating? On the one hand, clear rules would increase trust from foreign partners. On the other hand, the emergence of a specialized payment instrument would instantly make it a target for foreign regulators. Moreover, creating a separate supervisory system would require significant budget expenditures. Additionally, skepticism remains: cross-border payments via DFAs are possible even now, but foreign counterparties fear secondary sanctions.

The elephant in the room named A7A5

Despite the in-depth market analysis, the authors of the fifty-page document remained silent on the most important precedent. The text makes no mention at all of A7A5 — the first large-scale stablecoin pegged to the national currency. The instrument is backed by real deposits in the sanctioned Promsvyazbank.

By the end of 2025, the asset had captured over 40% of the non-dollar stablecoin segment. Within just a year of its launch, the volume of transactions involving it exceeded $100 billion. According to Chainalysis, the project's launch allowed Russia to put sanctions circumvention on an industrial footing, leading the European Union to include the token in the 19th sanctions package. The Russian side rejects such accusations, positioning the project as an independent settlement system for businesses affected by the SWIFT disconnection.

If regulation does go ahead: Central Bank proposals

If the government decides to approve the use of such instruments, the regulator proposes introducing strict standards. The Central Bank recommends abandoning the term "stablecoin" due to its ambiguity. Instead, it plans to introduce the concept of "nominal DFAs," which imply guaranteed redemption upon the investor's first demand.

The right to issue will be granted exclusively to licensed banking organizations and targeted structures. Control over them will be ensured by a special state register, and any violation of the rules will result in removal from the list. To protect investors, strict audit and disclosure standards will be developed. The new rules are planned to be implemented either through targeted experiments or through a full-scale amendment of federal legislation.

Cryptalist analysis: the bottom line

The position of the Bank of Russia is clear and consistent: the ruble's monopoly is sacred, and stablecoins are a tool for foreign trade, not for the domestic market. The regulator is ready to discuss the legalization of digital currency analogs exclusively for servicing foreign trade. The domestic market will remain closed to such experiments. At the same time, the report's authors repeatedly return to the idea that creating separate legislation is pointless, as businesses are not showing activity even within the existing DFAs framework.

My conclusion: For now, Russian businesses are not demonstrating mass demand for stablecoins domestically, and the regulator sees more risks than benefits in them. The situation with A7A5, which de facto operates as a settlement instrument for foreign economic activity but is de jure ignored by the Central Bank, only underscores the duality of the position. A final decision will be made after processing all feedback, which will be collected until the fall of 2026. The market should prepare for the fact that full-scale legalization of stablecoins in Russia will not happen in the near future, and their use will remain the domain of gray schemes and targeted experimental regimes.