Bank of Russia on Crypto Assets and Digital Currency

The Bank of Russia maintains a cautious stance on cryptocurrencies, treating them primarily as speculative assets rather than viable replacements for traditional fiat money. This view is echoed in commentary attributed to Ksenia Yudaeva, First Deputy Chairman of the Central Bank of the Russian Federation, as reported by DEA News (Source: DEA News). The central bank notes that even those digital assets labeled as stablecoins, which are pegged to established fiat currencies, fail to challenge the role of cash in daily financial life and settlement systems. They emphasize that stability in value for such instruments remains elusive and that their use tends to cluster around illegal or semi-legal activities rather than mainstream commerce (Source: DEA News).