Russian Central Bank Warns of Cryptocurrency and Stablecoin Threat to Monetary Sovereignty

The Russian Central Bank has warned that the expansion of cryptocurrencies and stablecoins could pose a serious threat to monetary sovereignty and financial stability. In a report on stablecoins published on June 25, 2026, the central bank stated that if dollar-pegged stablecoins are used as an alternative payment method, it could weaken the effectiveness of monetary policy. The report also raised concerns about the potential fragmentation of the domestic payments market due to the spread of stablecoins.

The Central Bank has indicated its intention to explore ways to establish a ruble-pegged stablecoin market while simultaneously proposing a ban on using digital financial assets and stablecoins for transactions between Russian residents. The deadline for submitting comments on the proposal is September 1, 2026.