Central Bank of Russia Changes Stance on Cryptocurrency Amid Risks

The Central Bank of Russia has revised its stance on cryptocurrencies amid rising popularity and challenges with international payments post-2022. First Deputy Governor Vladimir Chistyukhin acknowledged that digital assets have gained widespread use despite the lack of clear regulation.

Statistics reveal high risks for private investors: regulators estimate that 75–80% of market participants lost their funds, while only 20–25% made a profit. Consequently, the Central Bank deems restrictions necessary to protect financial service consumers.

Cryptocurrencies are not seen as guaranteed wealth or a 'golden ticket,' but may hold a place in a diversified investment portfolio. The era of uncontrolled digital assets is fading, giving way to transparency requirements for banks, tax authorities, and financial oversight.

In the long term, regulation will enable cryptocurrency use for settlements and international transfers without compliance issues. The regulator confirms that while crypto transfers are technically feasible, they must be legalized and supervised by state institutions.