The Central Bank of Russia has published a consultation paper on the development of the ruble stablecoin market, asking whether a dedicated regulatory framework is needed for issuance of such instruments. The paper makes clear that any new approach would preserve the existing ban on using digital financial assets and stablecoins for settlements between residents, citing the risk of fragmenting the payment market. Under current Russian law, stablecoins are not specifically defined, but digital financial assets with similar characteristics can be issued. These instruments may be used as investments and for cross-border settlements, but not for domestic payments, and none have been issued in practice so far. The consultation focuses on whether separate stablecoin rules are warranted and, if so, what requirements should apply in areas such as redemption at par, redemption timing, reserve adequacy and issuers' financial resilience. The Central Bank of Russia is seeking market feedback on the paper through 1 September 2026.
Central Bank of Russia2026-06-25
Central Bank of Russia launches consultation on ruble stablecoin rules while retaining ban on domestic settlement use
The Central Bank of Russia has launched a consultation on whether ruble stablecoins need a dedicated regulatory framework. It would keep the ban on using stablecoins and digital financial assets for settlements between residents, while seeking views on redemption, reserves and issuer resilience. Feedback is open through 1 September 2026.