Russian Central Bank Flags Crypto as Financial Market Risk

Russia's central bank has listed cryptocurrencies as a financial market risk in its review of the main directions for Russia's financial market development in 2027 and 2028 to 2029. According to ChainCatcher, the bank said it is concerned that Russians are increasingly using stablecoins and other digital assets as substitutes for the national currency. The central bank said investing in digital currencies carries a risk of total loss and that there is no responsible party or guarantee. It also said cryptocurrencies circulate outside individual jurisdictions, reducing the effectiveness of state restrictions and bans, while the lack of unified global regulation creates conditions for shadow market growth. The bank proposed criminal liability for those organizing digital currency circulation without permission and administrative penalties for legal market participants that violate the rules.