The Bank of Russia has been planning to conduct research in 2026 evaluating the feasibility of developing a national stablecoin, according to First Deputy Chairperson Vladimir Chistyukhin.
The research will re-evaluate the situation, considering practices in foreign countries, examining risks and prospects before bringing findings to public discussion. The Bank of Russia has traditionally maintained a position of not allowing stablecoins domestically.
The Central Bank and Russian government expect a bill on cryptocurrency regulation to pass during the spring session of the State Duma, the lower house of the Russian parliament, Chistyukhin stated.
Regulatory framework development follows international approaches
The feasibility study represents a shift in the Bank of Russia's stance on stablecoins, which previously prohibited their use within domestic financial systems. The research will assess international implementations of government-backed stablecoins and their associated risks before determining whether Russia should pursue similar infrastructure.
Several countries have explored or implemented government-issued stablecoins or central bank digital currencies. Singapore's Project Orchid and Hong Kong's e-HKD pilot programmes test wholesale and retail CBDC applications. The European Central Bank progressed through the investigation phase of a digital euro project, while China operates the e-CNY digital currency across multiple cities.
Russia operates the digital ruble pilot programme, testing central bank digital currency functionality with select banks and merchants. A national stablecoin would differ structurally from the digital ruble, operating as a private-sector-issued token backed by reserves rather than a direct central bank liability.
The cryptocurrency regulation bill under consideration in the State Duma addresses legal frameworks for digital asset issuance, trading, and taxation. Russia banned cryptocurrency payments for goods and services in 2020, but permitted cryptocurrency mining and trading under certain conditions.
International sanctions following geopolitical events prompted Russian authorities to reconsider cryptocurrency frameworks as potential mechanisms for cross-border settlements outside traditional correspondent banking systems. The Bank of Russia previously opposed broad cryptocurrency adoption due to financial stability and monetary policy concerns.
Market context and timeline
The feasibility study timeline was not disclosed beyond the 2026 completion target. Public discussion following the research will inform potential policy development and regulatory proposals.
The Bank of Russia supervises financial institutions, implements monetary policy, and regulates payment systems within the Russian Federation. The institution operates independently in some policy areas while coordinating with government ministries on financial sector legislation.
