Authorities will start trials of stablecoins as a payment instrument under a special legal regime from 01.01.2026.

Regulatory framework

The central bank and the National Agency for Prospective Projects (NAPP) will jointly define the procedural rules for the pilot and sandbox oversight.

Planned elements include the creation of a blockchain-based payment platform and the legal framework enabling issuance of tokenized shares and bonds.

Scope of the pilot

The experiment will evaluate technical integration, consumer protection measures and anti-money-laundering controls applicable to token-based payments.

• The sandbox will test settlement processes, custody solutions and operational resilience of participant systems under controlled conditions.
• Issuance of tokenized securities during the trial will remain subject to sandbox rules and existing securities regulation.
• Supervisory authorities will monitor interoperability with current payment rails and compliance with financial-sector requirements.

Background and timing

NAPP announced plans to test stablecoins in September 2025, while the central bank is continuing to consider options for a domestic digital currency.

Results from the pilot are expected to inform subsequent regulatory decisions regarding wider adoption or further development of a central bank digital currency.