The Place of Bank of Russia Public Consultation Reports in Law-Making Activity (on the Example of the Stablecoin Phenomenon)

Abstract

Over the past decade, Bank of Russia reports intended for public consultation have become widespread in the law-making process concerning the public regulation of the monetary system and financial market activities. In the author's view, the form, content, and significance of these reports should be regarded as part of the conceptual substance underlying the factors that shape financial law. An examination of the law-making activity conducted by the Bank of Russia—using the stablecoin phenomenon as a case study — has made it possible to identify the characteristics of stablecoins as digital financial entities, the regulator’s approach to defining them, and the risks associated with their use. It is important to emphasize that this work was carried out during the third stage of legislative activity concerning the establishment of legal regimes for digital entities within the national legal order (the first stage involved the initial legal regulation of digital financial assets and digital currency [2020–2026]; the second, the establishment of rules governing the digital ruble [starting in 2023]; and the third, a new phase of legal regulation regarding digital currencies and digital rights [starting April 1, 2026]). The author identifies the criteria for determining the legal regime applicable to stablecoins in general and to their specific types: the procedure for their issuance into circulation, the functions they perform, and the mechanism for maintaining value stability.