The Russian cryptocurrency landscape has been tumultuous for a long time now. There has been no clarity about the legal status of crypto in Russia and talks of a blanket ban have come up time and again. On the other hand, the Central Bank of Russia is determined about its CBDC plans and is already running pilot tests. In the past, the Central Bank of Russia has expressed opinions in favor of banning crypto. Many eminent Russian entrepreneurs spoke against such a move and talked about the negative effects it would have. Despite not reaching any clarity, the confusion surrounding crypto rules persists.
Three out of the twelve banks involved in the CBDC project have already integrated the mechanism into their processes. Two banks have also completed the complete life cycle test of CBDC from banks to customers and back. While Russia is determined about its CBDC plans, the crypto space in the country continues to be unorganized. There have been no clarifications about whether crypto is legal in the country or not. Local Russian news outlets have claimed that the Central Bank of Russia has opposed the crypto-friendly policies of the Russian finance ministry.
Elvira Nabiullina from the Central Bank of Russia even spoke about the same in a press conference and talked about how the bank is strictly against adopting cryptocurrencies in the country. The arguments given have no novelty and regurgitate that same claim of destabilizing the national economy. Despite such claims, it does not seem likely that there will be a blanket ban on crypto in Russia.
