Bank of Russia: Cryptocurrencies, Stablecoins and other monetary surrogates capture the world – Bits Media

The Central Bank of the Russian Federation presented the document “Main directions for the development of the country’s financial market in 2023-2025 years", which summarizes possible risks for the financial system from digital assets.

The regulator notes a noticeable increase in the use of cryptocurrencies in Russia against the backdrop of unprecedentedly tough foreign sanctions. According to the authors of the document, the use of crypto assets can be dangerous, since there is no global standard for regulating this area of ​​the economy in the world:

"External factor, which matters: распространение в мире цифровых денежных суррогатов, таких как криптовалюты и стейблкоины. In the absence of global regulation, the tendency for their use in payments instead of national currencies and significant distribution in the world may increase. Measures, принимаемые отдельными странами, могут быть недостаточны для ограничения рисков в рамках национальных экономик ввиду трансграничной, extraterritorial nature of modern money surrogates".

At the same time, among the most promising projects, the Bank of Russia named the creation of a digital ruble platform. The document notes, that the state digital currency will provide “high speed of settlements, reduction of transaction costs, access through any financial institution, and will also simplify the state’s control over the movement of funds when making budgetary and social payments.”. This platform will contribute to the development of payment infrastructure and the introduction of innovative financial services, the authors of the document assure.

Previously Chairman of the Union of Russian Entrepreneurs (Rspass) Alexander Shokhin said, that it is necessary to accelerate the implementation of the digital ruble. And the use of third-party cryptocurrencies, according to a public figure, «подрывает суверенитет ЦБ по эмиссии денег».