Economists at the Central Bank of Russia are confident that cryptocurrencies and stablecoins can pose a danger and even displace national fiat currencies if there is a lack of regulation.

In the project “Main directions for the development of the financial market of the Russian Federation for 2024 and the period 2025-2026,” the regulator touches on the topic of digital assets in the section on risks for the Russian financial market. The Central Bank of the Russian Federation calls cryptocurrencies and stablecoins “money surrogates” and declares the need for global regulation of such assets. Otherwise, they can spread throughout the world and pose a danger to national currencies.

The researchers specifically emphasize that due to the cross-border and extraterritorial nature of cryptocurrencies, coordinated measures are needed to regulate such assets. It is precisely because of the nature of cryptocurrencies that any particular economy will not be able to control all risks, which is why global regulation of digital assets is needed.

Let us remind you that Russia is currently actively developing a digital ruble. The national digital currency should become one of the factors in curbing the influence of cryptocurrencies and stablecoins on the Russian economy. Earlier, Alexey Moiseev said that the digital ruble would become the “cash” of the 22nd century.