Russia has once again drawn a clear line against the use of cryptocurrencies such as Bitcoin and Ethereum as payment instruments, even as domestic and global interest in digital assets continues to grow.
Speaking to the state news agency TASS, Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, stated that cryptocurrencies will never be treated as legal currency in Russia.
He explained that lawmakers view digital assets strictly as investment instruments. Any transaction that qualifies as a payment must be settled in rubles.
That opposition is already codified in law. In 2020, Russia enacted legislation explicitly banning the use of cryptocurrencies as a means of payment within the country.
However, while the payment issue was settled early on, broader regulation remained unresolved. Since then, different branches of government have struggled to agree on how the sector should be governed.
Years of Policy Deadlock
Much of the stalemate has stemmed from conflicting positions between the Central Bank of Russia and the Ministry of Finance.
The central bank, led by Governor Elvira Nabiullina, has consistently called for sweeping restrictions. These included bans on crypto transactions, exchanges, and mining operations. The finance ministry, by contrast, has argued that regulation and taxation would be more effective than outright prohibition.
These opposing views produced a series of competing draft laws, ranging from comprehensive bans to proposals for legal frameworks governing crypto businesses.
Despite repeated attempts, none gained traction. Most stalled in State Duma committees, leaving the sector in legal limbo for several years.
Shifting Signals From Moscow
More recently, however, there have been signs that Moscow’s stance may be evolving. President Vladimir Putin has spoken positively about the growth of Russia’s crypto mining industry, hinting at a more pragmatic approach to certain aspects of the sector.
Aksakov himself has previously acknowledged the expanding real-world use, noting that Russian companies carried out billions of dollars’ worth of cross-border trade using cryptocurrencies last year, despite domestic payment restrictions.
At the same time, several major Russian banks, including Sberbank and VTB, have acknowledged rising customer interest in crypto-related services, indicating broader market demand.
Momentum Builds for Regulation
Support for clearer rules has also grown within policy circles. Evgeny Masharov, a member of the Civic Chamber commission reviewing legislation, said the crypto sector urgently requires a regulatory framework.
Speaking to Russian outlet OCH, Masharov argued that legalization could significantly boost federal budget revenues and give law enforcement better tools to track and prevent money laundering, particularly in connection with phone fraud schemes.
Despite these shifts, officials continue to emphasize one firm boundary. While investment, mining, and limited use cases may be permitted, cryptocurrencies will not be allowed to function as a substitute for the national currency.
As Aksakov reiterated to TASS, Russia’s payment system will remain strictly ruble-based. Any future crypto regulation, he made clear, will not alter that fundamental principle.
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