The Bank of Russia has classified cryptocurrencies and stablecoins as financial-market risks in its draft policy for 2027-2029, warning that private digital currencies could weaken the ruble and threaten monetary sovereignty. The regulator cited the possibility of total investor losses, the lack of accountable issuers or collateral for some assets, and the use of decentralized cross-border networks in illicit activity. Russia has nevertheless allowed selected importers and exporters to use Bitcoin for international trade settlements under experimental legal regimes supervised by the central bank. Domestic retail investors face an annual cryptocurrency purchase limit of about $3,700 through licensed intermediaries, while crypto payments for goods and services remain prohibited within Russia.