According to First Deputy Chairperson Vladimir Chistyukhin, the Bank of Russia is set to conduct research in 2026 aimed at assessing the feasibility of developing a national stablecoin.
This study will reassess the current situation by considering international practices and evaluating both risks and opportunities before presenting its findings to the public for discussion. Historically, the Bank of Russia has not allowed stablecoins within domestic financial systems.
Anticipated Cryptocurrency Regulation Bill
Chistyukhin also stated that a bill on cryptocurrency regulation is expected to be passed during the spring session of the State Duma, Russia’s lower house of parliament.
International Approaches to Stablecoins and CBDCs
The feasibility study marks a shift from the Bank of Russia’s previous stance of prohibiting stablecoin use in domestic financial systems. It will analyze international implementations, including government-backed stablecoins or central bank digital currencies (CBDCs). Examples include Singapore’s Project Orchid and Hong Kong’s e-HKD pilot programs for wholesale and retail CBDC applications.
The European Central Bank has progressed through the investigation phase of a digital euro project, while China operates the e-CNY digital currency in multiple cities. Russia itself operates a digital ruble pilot program, testing central bank digital currency functionality with select banks and merchants.
A national stablecoin would differ structurally from the digital ruble, as it would operate as a privately issued token backed by reserves rather than being a direct liability of the central bank.
Current Cryptocurrency Regulation in Russia
The cryptocurrency regulation bill under consideration in the State Duma addresses issues such as the legal framework for digital asset issuance, trading, and taxation. Russia banned cryptocurrency payments for goods and services in 2020 but permitted mining and trading under specific conditions.
Geopolitical events leading to international sanctions prompted Russian authorities to reconsider how cryptocurrencies could potentially serve as mechanisms for cross-border settlements outside traditional banking systems. The Bank of Russia had previously opposed broad cryptocurrency adoption due to concerns about financial stability and monetary policy.
Future Developments
While the exact timeline for completing the feasibility study was not disclosed, it is scheduled for 2026. Public discussions following this research will inform potential regulatory proposals and developments in Russia’s cryptocurrency landscape.
The Bank of Russia oversees financial institutions, implements monetary policy, and regulates payment systems within Russia, often collaborating with government ministries on financial sector legislation.
