Russia is one step ahead in the game of crypto ‘whack a mole’.

The Russian state and its affiliates have bounced back from international enforcement action against its crypto exchange Garantex and, arguably, have come back stronger, with the concurrent introduction of Russia’s first ruble-pegged stablecoin.

In this latest Insight article, Dr. Khrystyna Khanas and Alexandr Chernykh examine these latest developments and their related challenges for regulators, and consider the larger Russian strategy of leveraging crypto as a state-facilitated tool for resource conversion and capital generation.

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