Bank of Russia targets stablecoins as potential ruble substitutes

The central bank’s latest assessment, covering the period through 2029, emphasizes that the borderless nature of crypto markets undermines domestic financial stability and regulatory reach. Officials specifically highlighted the anonymity of decentralized networks as a catalyst for illicit activity, noting that the lack of international consensus on digital asset oversight creates dangerous gaps in market regulation.

To mitigate these risks, the government is intensifying its crackdown on unauthorized operations. The regulator has formally proposed criminal liability for entities organizing digital currency circulation without a license, while registered firms face strict administrative penalties for compliance failures. This regulatory tightening coincides with the expansion of Rosfinmonitoring’s oversight capabilities; clients of domestic digital depositories must now provide their tax identification numbers (INN) to ensure transaction transparency. These measures follow a period of aggressive enforcement, during which the central bank blacklisted over 2,600 crypto wallets linked to illegal schemes, including financial pyramids that increasingly rely on digital assets to solicit funds.