Stablecoins can be issued in Russia, the head of its monetary authority indicated, as a Russian senator issued a call for adopting Russian regulations for the fiat-pegged digital currencies.
While stablecoins are good for international settlements, the governor noted that the financial regulator remains opposed to their use for payments inside Russia, just like with cryptocurrencies.
Central bank gives the nod to stablecoin issuing in Russia
Stablecoins can already be issued in the Russian Federation, the Governor of the Central Bank of Russia (CBR), Elvira Nabiullina, told lawmakers on Thursday.
During a plenary session of the State Duma, the lower house of the Russian legislature, Nabiullina presented a report on the bank’s main monetary policies for 2026 – 2028.
Quoted by the Federal Assembly’s official newspaper, Parlamentskaya Gazeta, she stated:
“Indeed, stablecoins can be issued. But I will reiterate our position – we do not believe that stablecoins should be used in domestic settlements.”
Nabiullina noted, however, that conditions have been created for their use in international settlements and to attract foreign resources to the Russian economy.
While reminding that amendments are currently being prepared to legalize crypto investments, she reaffirmed the monetary authority’s opposition to crypto payments in the country:
“Cryptocurrency cannot be used for payments within Russia. However, we have an experimental legal regime that allows their use in foreign trade settlements.”
Elvira Nabiullina’s statements came after a member of the Federation Council, the upper house of parliament, insisted that Russia should draft its own rules for the issuance and regulation of stablecoins.
Senator urges for Russian stablecoin regulations
According to Artem Sheikin, deputy chairman of the Council for the Development of the Digital Economy at the Senate, as the chamber is also called unofficially, this will strengthen the Russian ruble in the digital space.
TASS reported that he has appealed directly to First Deputy Chairman of the CBR Vladimir Chistyukhin, requesting that the regulator formulate its policy in that regard.
In his letter, seen by the news agency, Sheikin highlights that the legal status of stablecoins in the Russian Federation is not defined yet, elaborating:
“This hinders the issuance of ruble-denominated stablecoins and pushes demand into an unregulated zone.”
The absence of domestic ruble-pegged solutions, as he puts it, increases dependence on foreign infrastructure and reduces opportunities for developing settlements in the national currency.
The lawmaker calls for determining reserve requirements, redemption procedures, monitoring, auditing, and reporting rules, as well as “permissible areas of application, including electronic payments and foreign trade settlements.”
While voicing support for existing restrictions on the use of digital currencies as a means of payment in Russia, Sheikin remarks that stablecoins are becoming a key element of the new financial infrastructure.
The fiat-backed coins are actively employed in cross-border transfers, corporate settlements, crypto market operations, and payment services, he points out, emphasizing:
“It is strategically important for Russia to develop its own approach to the issuance and regulation of stablecoins denominated in rubles. This will strengthen the national currency’s position in the digital space, develop settlements in foreign economic activity, and reduce dependence on foreign systems.”
Actually, Russia has been quite actively using one particular stablecoin for precisely these reasons, and to circumvent Western financial restrictions imposed over its invasion of Ukraine.
Large crypto transaction volumes this year, including in the ruble-pegged A7A5, turned the country into Europe’s leading crypto adopter, according to a recent study by U.S. blockchain forensics firm Chainalysis, as reported by Cryptopolitan.
However, while A7A5 has been allegedly created by a Russian company and backed by deposits in a Russian bank, the cryptocurrency is currently issued by an entity registered in Kyrgyzstan. These and other involved organizations have been targeted in fresh sanctions by the U.S., the U.K., and the EU.