Amid the United States’ increasing investment in cryptocurrencies under President Trump, Russia should consider integrating Bitcoin and other digital assets into its financial framework, according to the head of a major Russian business group. He further proposes asset-backed stablecoins as a potential tool for monetary stability and a return to the gold standard.

Alexander Shokhin, president of the Russian Union of Industrialists and Entrepreneurs (RSPP), emphasizes that while sovereign control over currency issuance remains crucial, the Russian business community is increasingly open to utilizing cryptocurrency for international transactions.

Russian Business Leaders Urge Government to Weigh Crypto’s Role

The Russian government should carefully assess the opportunities and challenges presented by cryptocurrencies, following President Donald Trump’s decision to establish a U.S. Bitcoin reserve, according to Alexander Shokhin, head of the Russian Union of Industrialists and Entrepreneurs (RSPP).

The RSPP, a key business advocacy group founded in 1991, represents the interests of Russian industries. Speaking with Tass, Shokhin cautioned that digital assets pose a potential threat to national monetary sovereignty, as central banks may resist competition from alternative forms of currency they do not control.

Shokhin noted that there is already a broad consensus that cryptocurrencies can be utilized for cross-border transactions. He emphasized that amid financial restrictions imposed on Russian businesses, digital assets have established themselves as a viable payment instrument.

He further remarked that with President Trump declaring the United States as the future "crypto capital of the world" and actively accumulating reserves in Ethereum and Bitcoin, Russia should also consider exploring similar opportunities.

Shokhin Urges Russia to Develop Gold-Backed Stablecoin Settlement System

Alexander Shokhin has voiced support for the development of a new settlement system that integrates stablecoins and gold, urging a strategic and measured approach. He stressed that Russia should capitalize on digital financial assets for global transactions while avoiding the creation of competing money-issuing centers.

The RSPP executive noted that discussions are underway on establishing an alternative to the dollar-dominated payment system, with stablecoins linked to various assets playing a central role. He suggested that Russia consider a model inspired by the IMF’s Special Drawing Rights but enhanced with gold reserves for added stability.

Debate Over Russia’s Crypto Reserve Continues Amid Global Shift

As the United States moves forward with plans to establish a cryptocurrency reserve under President Trump, Russian officials remain divided on whether to follow suit.

Elvira Nabiullina, Governor of the Central Bank of Russia, firmly stated that there are no conditions under which cryptocurrencies would be included in the country’s reserves. Deputy Finance Minister Vladimir Kolychev echoed this sentiment, noting that the Ministry of Finance has not considered the matter.

Despite these reservations, some officials are pushing for a policy shift. In December, lawmaker Anton Tkachev called for an assessment of the feasibility of a Bitcoin reserve. More recently, Russian Civic Chamber member Evgeny Masharov proposed setting up a government-controlled crypto fund to manage confiscated digital assets.