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Digital control: how the Russian Federation plans to regulate the cryptocurrency market
According to a RIA Novosti source, the government's commission on legislative activity has approved an initiative regulating the cryptocurrency market, but it retains a provision prohibiting the payment of crypto assets for goods and services in Russia. Why the ban on cryptocurrency remains in place, why it is dangerous, and also why the digital ruble is a more reliable financial instrument — in the Izvestia article.
Threat to users
The only official currency in Russia is the ruble, and the use of any other monetary units or money substitutes on its territory is prohibited, the press service of the Ministry of Finance reminded Izvestia. At the same time, the digital ruble is considered as a new form of national currency, which the Bank of Russia plans to issue along with existing types of money.
The ban on the use of cryptocurrencies in payments within the country is explained by the fact that the state is not ready to allow an instrument that is beyond full control into the payment system, an expert of the NIFI project of the Ministry of Finance of Russia, Moifinans, noted in an interview with Izvestia.Russian Federation" by Maria Solovichenko.
The approach here is similar to restrictions on the use of foreign currency: it is important for the state that all payments pass through a regulated infrastructure, comply with security requirements, anti-money laundering legislation and are transparent. This is due to the need to maintain control over money circulation.
— The key risk of cryptocurrencies is related to their high uncertainty. — she explained. — Their weak regulation, which is often perceived as an advantage, at the same time makes the market extremely unstable. Exchange rates can change dramatically, fraudulent schemes are common, and the tools themselves are often used in illegal activities.
Maintaining the ban on the use of cryptocurrencies in settlements is related to the need to protect financial sovereignty and secure the status of the only legal tender for the ruble, Pavel Zholobov, senior director of financial institutions ratings at the NRA rating service, confirmed to Izvestia.
Cryptocurrencies are created by decentralized, often foreign systems, which can pose threats to government monetary policy, he noted. Additional risks are associated with their high volatility, which makes such assets poorly suited for settlements. Anonymity and the possibility of cross-border transfers also open up a space for using cryptocurrencies in the shadow economy and circumventing tax and currency controls. Therefore, legislators consider them as a risky investment instrument, but do not allow them to be a means of payment.
The ban on the use of cryptocurrencies as a means of payment is explained by their lack of control over the state and the banking system, as well as the risks associated with anonymity and storage of funds, said Vyacheslav Putilovsky, associate director for credit institution ratings at Expert RA agency.
"Cryptocurrencies are often used in criminal settlements and can potentially be used to destabilize the situation inside the country," the expert told Izvestia. — The scale of illegal activity is of additional concern: according to estimates by relevant researchers, in 2025 the volume of illegal transactions with cryptocurrencies exceeded $ 150 billion.
At the same time, the crypto asset market remains vulnerable to fraud — deception schemes through social networks, fake investment services, as well as attacks using social engineering methods and hacking of crypto wallets are widespread.
The ban on payments in cryptocurrencies remains due to high risks and weak controls, said Alexey Voylukov, an MBA professor at the Presidential Academy. There are tens of thousands of such assets, they vary greatly in reliability, many do not have clear collateral and legal guarantees, and their value can change dramatically. In such circumstances, allowing settlements would mean allowing unstable instruments to enter the market, which increases the risk of losses for citizens and businesses and can lead not only to financial but also to social problems.
Protection of interests
It is important to clearly separate cryptocurrencies and the digital ruble — these are fundamentally different phenomena, Artem Kiryanov, deputy chairman of the State Duma Committee on Economic Policy, told Izvestia. The digital ruble is a form of national currency backed by the state. Its task is to make budget expenditures more efficient, increase transparency of operations and simplify the conduct of foreign economic transactions.
— Cryptocurrencies, on the contrary, do not have a state guarantee in any country, and the mechanism of their release and circulation is arranged completely differently, — the deputy recalled. — Therefore, it is incorrect to compare them directly or consider them interchangeable.
Considering cryptocurrency as a reliable tool for saving or increasing capital is not worth it, says Artyom Kiryanov. Only trained market participants with experience and understanding of financial risks can work with such assets. For most people, the crypt remains an extremely unstable instrument with sharp price fluctuations, which is why there is a high risk of losing funds. At the same time, the regulation of this sphere in Russia is not yet systemic.
"On the one hand, cryptocurrencies are already taken into account for tax purposes, which partially introduces them into the legal field and whitewashes the relevant financial flows," the politician noted. — On the other hand, the country has not yet reached the full—fledged use of crypto assets in international settlements. By comparison, in the United States, crypto tools are already being used in a way that indirectly strengthens the dollar's position.
As for the digital ruble, the funds in it directly belong to the user — whether an individual or a legal entity — and are guaranteed by the state, while the Central Bank acts as the system operator, noted Artyom Kiryanov. Unlike bank accounts, no interest is charged on such funds, as the bank does not manage them.
Allowing cryptocurrency payments within the country could cast doubt on the role of the ruble, so such a step is considered inappropriate.
"However, at the same time, there is a need for more complete legalization of the crypto market, in particular to protect investors and entrepreneurs working with cryptocurrencies at the international level," he is sure.
All transactions with the digital ruble are recorded in a special system, are under the control of the bank and, if necessary, can be verified, Yulia Myagkova, PhD, Associate professor of the Department of Global Financial Markets and Fintech at Plekhanov Russian University of Economics, told Izvestia. This reduces the likelihood of fraud, helps prevent illegal transactions, and increases user confidence in digital financial instruments.
— In addition, the digital ruble makes payments faster, more convenient and safer. Transaction processing costs are being reduced, and access to financial services is expanding for both citizens and businesses," she noted.
The digital ruble is considered a more reliable instrument, since all transactions with it take place through the Bank of Russia platform, Pavel Zholobov confirmed. This ensures transparency and traceability of transactions, as well as reduces the likelihood of fraud. Its legal status is clearly defined, and the value fully corresponds to the ordinary ruble, which eliminates sharp price fluctuations. Additionally, the possibility of extending the deposit insurance system to digital accounts is being considered, which is not the case with cryptocurrency wallets.
Izvestia sent a request to the Central Bank, but no response had been received at the time of publication.
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