Russian Central Bank: Crypto Still Poses Major Economic Threat
Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...
Russia’s recent crypto pivot could yet face a roadblock in the form of the Central Bank, which says stablecoins and other tokens could “threaten the stability of the domestic market.”
In a Russian Central Bank report on the “main directions” for economic development 2025-2027, officials explained that using “cryptocurrencies instead of national currencies” poses “risks for Russia.”
“In the absence of global [crypto] regulations, we may see an increase in the use of monetary surrogates in settlements instead of national currencies may increase.”
The bank also warned that talk of global governments making concerted, international efforts to police crypto has cooled. The report’s authors wrote:
“Measures taken by individual countries [to regulate crypto] may be insufficient to limit these risks within national economies. This is due to the cross-border and extraterritorial nature of [cryptoassets and stablecoins].”
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And the bank warned that many global governments now prefer to keep their IT policies under close wraps.
It said that the era of “broad cooperation between countries” was now “ending.”
This era is being replaced by “a period in which states focus on issues of rivalry,” the bank explained.
In this era, countries would focus on “limiting competitors’ access to their economies and technologies,” the authors added.
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