cryptocurrency Russia,

RUSSIA WILL NOT ACCEPT CRYPTO AS LEGAL TENDER, LAWMAKER CONFIRMS

ByMolly McNearney

Anatoly Aksakov, Chairman of the Russian State Duma Committee on Financial Markets, reaffirmed Russia’s strict stance on cryptocurrencies, aligning with the Russian Central Bank’s position to prohibit crypto payments.

Payments in Russia Must Be Conducted in Rubles

Speaking at a TASS press conference, Aksakov emphasized that all payments in Russia must be made in rubles, dismissing the possibility of digital assets like Bitcoin or Ethereum becoming legal tender.

“We must understand that cryptocurrencies will never become money within our country,” he stated.

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“They can only be used as an investment instrument. If payment is required, it will only be in rubles.”

Cryptocurrencies Are Limited to Investment Purposes

Under the Russian Law on Digital Financial Assets, cryptocurrencies are legally defined as property. Citizens and institutions can hold and trade crypto, but their use is strictly limited to investment purposes. Russia has maintained a ban on using cryptocurrencies as a payment method since 2020, reinforcing its position against crypto as an official currency.

Russia to Regulate Crypto Despite Central Bank Reluctance

Anatoly Aksakov’s recent remarks reflect the Russian Central Bank’s position to prohibit crypto payments. In March, Bank Governor Elvira Nabiullina called for a strict crypto ban, blocking traders from buying and selling coins. She has previously advocated for total bans on crypto exchanges and token trading.

Crypto Adoption Remains High in Russia

Despite regulatory caution, Russia continues to lead Europe in crypto adoption. According to a Chainalysis report, the nation recorded $376.3 billion in received crypto transactions between July 2024 and June 2025.

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Steps Toward Formalizing the Crypto Sector

Lawmakers are exploring measures to regulate and formalize the crypto industry:

  • In September, Yevgeny Masharov of the Russian Public Chamber proposed creating a national crypto bank to bring informal crypto transactions under regulatory oversight.
  • President Vladimir Putin acknowledged the growth of cryptocurrency mining, which was officially legalized on November 1, 2024.
  • Masharov emphasized that regulating crypto could cleanse the economy and increase budget revenues, addressing both financial transparency and state income.

Conclusion

While the Russian Central Bank maintains a cautious stance on cryptocurrencies, the government is actively exploring regulation to harness the sector’s potential. Legalizing mining, proposing a national crypto bank, and formalizing trading are steps toward integrating crypto into the economy, all while ensuring payments remain restricted to rubles.

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