Professor Oleg Vyugin from HSE has stated that cryptocurrency adoption in Russia may contribute to the stabilization of the ruble. His assertion is based on a potential increase in foreign trade settlements using cryptocurrency.
Impact of Cryptocurrency on the Ruble
Vyugin argued that an increase in foreign trade settlements conducted by Russian companies using cryptocurrency could help stabilize the ruble (RUB). He explained that such transactions do not rely on 'hard currencies,' which could lead to a decrease in demand for the dollar and other fiat currencies.
CITE_NA: 'We must consider settlement factors. For instance, we have information indicating that Russia is using cryptocurrency for transactions… with China. This means that there is no demand for dollars, as the dollar is not needed for these settlements.'
Challenges in Settlement Processing
Vyugin noted that processing these settlements remains 'very difficult,' and it is unclear what role the dollar played in these trade deals. He added that utilizing alternative payment methods could reduce the demand for hard currencies, which may contribute to the situation.
CITE_NA: 'Utilizing alternative payment methods can reduce the demand for hard currencies, and it’s possible that this factor is contributing to the situation.'
Delay in Launching the Digital Ruble
Additionally, it is important to note that the launch of the digital ruble in Russia has been postponed to mid-2026, delayed from the initial target of July 2025. The Central Bank cited ongoing technical and regulatory challenges, particularly regarding technological independence and transaction security during power outages.
Thus, Vyugin's perspective highlights the potential impact of cryptocurrency on financial stability in Russia while also indicating the existing challenges and delays in launching a digital currency.
