Bank of Russia: Cryptocurrencies, stablecoins and other money surrogates are taking over the world

The Central Bank of the Russian Federation presented the document “The main directions for the development of the country’s financial market for 2023-2025”, which summarizes the 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 sphere of the economy in the world:

“An external factor that matters: the spread of digital money surrogates around the world, such as cryptocurrencies and stablecoins. In the absence of global regulation, the trends of their use in calculations instead of national currencies and significant distribution in the world may increase. Measures taken by individual countries may not be sufficient to limit risks within national economies due to the cross-border, extraterritorial nature of modern money surrogates.”

At the same time, the Bank of Russia named the creation of a digital ruble platform among the most promising projects. The document notes that the state digital currency will ensure “high speed of settlements, lower 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 the payment infrastructure and the introduction of innovative financial services, the authors of the document assure.

Earlier, the chairman of the Union of Russian Entrepreneurs (RSPP), Alexander Shokhin, said that it was necessary to accelerate the introduction of the digital ruble. And the use of third-party cryptocurrencies, according to a public figure, “undermines the sovereignty of the Central Bank in issuing money.”