25-3-2025 – A prominent industrialist has called for Moscow to reassess its stance on cryptocurrency adoption, particularly in light of American developments in the digital asset space.
Alexander Shokhin, who helms the Russian Union of Industrialists and Entrepreneurs (RSPP), articulated his views on the evolving cryptocurrency landscape during a weekend dialogue with Tass. His organisation, a descendant of the Soviet-era Scientific and Industrial Union, has been championing business interests since the twilight of the USSR in 1991.
Whilst acknowledging the inherent tensions between traditional monetary sovereignty and digital currencies, Shokhin highlighted the growing consensus regarding cryptocurrency’s role in cross-border transactions, particularly pertinent given the current constraints on Russian financial operations.
The RSPP president’s remarks coincide with discussions about establishing an alternative settlement framework incorporating asset-backed stablecoins. This system, drawing parallels with the International Monetary Fund’s special drawing rights, could potentially herald a return to commodity-based monetary standards, with gold playing a central role.
However, the proposal has encountered mixed reactions within Russian officialdom. The Central Bank’s Governor, Elvira Nabiullina, has maintained an unequivocal stance against incorporating cryptocurrencies into national reserves. Similarly, Vladimir Kolychev from the Finance Ministry has distanced his department from any cryptocurrency reserve initiatives.
Yet, support for crypto adoption persists in certain quarters. Russian parliamentarian Anton Tkachev has advocated for evaluating the feasibility of strategic Bitcoin holdings, whilst Civic Chamber member Evgeny Masharov has proposed establishing a government fund for confiscated digital assets.
Shokhin emphasised the necessity for a measured approach that balances monetary sovereignty with the advantages of digital financial instruments, particularly in international settlements. His comments reflect a broader dialogue about financial innovation and monetary policy in an increasingly digitalised global economy.
