A prominent Russian economist has suggested that Moscow’s cryptocurrency adoption may have significantly stabilized the ruble in recent months. This claim was made by Professor Oleg Vyugin from the National Research University Higher School of Economics (HSE), according to a report by Russian news outlet RIA Novosti.
Vyugin, who has previously served as the head of the Russian Federal Financial Markets Service and as Chairman of the Moscow Exchange, shared his insights during a conference focused on investments and trading. He posited that the potential rise in “foreign trade settlements” conducted by Russian companies using cryptocurrency could have contributed to stabilising the ruble (RUB). Vyugin emphasized that cryptocurrency transactions do not rely on “hard currencies,” which could help explain the declining demand for the USD and other fiat currencies. He elaborated:
“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.”
Vyugin also noted that while processing these settlements remains “very difficult,” it was unclear what role the dollar played in these trade deals. He continued:
“Utilizing alternative payment methods can reduce the demand for hard currencies, and it’s possible that this factor is contributing to the situation.”
Although Vyugin acknowledged that his claims were based on an “assumption,” he suggested that cryptocurrency adoption may also affect the demand for other fiat currencies, including the Chinese yuan.
In related news, Russia’s launch of the digital ruble has been postponed to mid-2026, delayed from the initial target of July 2025. The Central Bank cited ongoing technical and regulatory challenges, particularly concerns about technological independence and transaction security during power outages. Central Bank Chairperson Elvira Nabiullina confirmed the delay, while Deputy Chairperson Zulfiya Kakhrumanova mentioned that banks face unique implementation hurdles.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
