The combination of unprecedentedly loose monetary policies pursued by the leading central banks amid the pandemic, investors’ active search for higher returns, and individuals’ and companies’ need in instantaneous payments has considerably boosted the development of the cryptocurrency market. Despite the bans imposed by a number of regulators, cryptocurrencies, which are digital money substitutes, are becoming increasingly widespread, which creates new challenges for society and regulators and poses potential threats to the economy and the financial system. According to a number of indirect assessments, Russian investors are among the most active participants in the global cryptocurrency market.