| Key Points: – Central Bank plans 2026 feasibility study for a Russian ruble stablecoin. – Study signals analysis, not approval; outcomes expressly undetermined at this stage. – Stablecoin barred for domestic payments; potential use for international settlements considered. |
The Central Bank of Russia will run a feasibility study in 2026 on creating a Russian stablecoin, according to PANews. The plan marks analysis rather than approval or launch, with outcomes expressly not predetermined.
Stablecoins are not legal tender in Russia and domestic payments remain unacceptable under current policy, TASS reported. The regulator has warned that internal use poses risks to price and financial stability, reinforcing a cautious stance.
TASS also noted the need for an in-depth discussion of stablecoin regulation, including whether such instruments fit under digital financial asset rules, digital currency laws, or a dedicated framework. The 2026 work will reassess risks, prospects, and international practices before any decision.
As reported by Cryptopolitan, Governor Elvira Nabiullina has said stablecoins can be issued in Russia but should not be used for domestic payments. She indicated a potential role for a ruble stablecoin for international settlements to preserve monetary control while facilitating external trade.
Timeline and scope of the 2026 feasibility study
What the study will reassess: risks, prospects, international practices
Officials have framed the 2026 study around prudential risks, monetary-policy implications, and how other jurisdictions supervise fiat-pegged tokens. Industry voices emphasize practical criteria such as reserve transparency, redemption, and auditability, according to Cointelegraph.
In outlining the scope, Vladimir Chistyukhin provided the clearest description to date: “reassess the relevant risks and prospects … and submit the study results for public discussion” in 2026, said Vladimir Chistyukhin, First Deputy Governor, at the Alfa Talk conference.
Public discussion planned upon completion and submission in 2026
The Bank of Russia expects to table the findings for public discussion once the feasibility assessment is completed in 2026. This consultation phase suggests any path forward would be incremental, with domestic payments remaining out of scope under the current approach.
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