The Bank of Russia listed cryptocurrencies as a financial market risk in its review, “Main Directions for the Development of the Russian Financial Market for 2027 and the Period 2028 to 2029,” citing rising use of digital assets such as stablecoins as substitutes for the national currency. The central bank warned that digital currency investments carry the risk of total loss, with no responsible entity or guarantee. It said cryptocurrencies circulate outside any jurisdiction, weakening national restrictions and bans, while the absence of unified global regulation creates conditions for shadow market growth. The regulator supports criminal liability for organizing unauthorized digital currency circulation and administrative liability for legal market participants that violate regulations.