Russia's central bank has identified cryptocurrencies as a financial market risk in its assessment of the main directions for developing the country's financial markets for 2027 and 2028–2029, according to ChainCatcher.

The bank notes concern that Russians are increasingly using stablecoins and other digital assets as substitutes for the ruble. It cautions that investing in digital currencies can result in a total loss with no guarantor, and points out that cryptocurrencies operate across borders, limiting the enforceability of state restrictions. The absence of a unified global regulatory framework, it says, can foster a shadow market. The bank also proposes criminal liability for individuals who organize digital-currency circulation without authorization and administrative penalties for market participants who violate the rules.