Russia's Crypto Future: Official Currency Not on the Horizon, Says Lawmaker

Summary: Anatoly Aksakov, Chairman of the Russian State Duma Committee on Financial Markets, has reiterated that cryptocurrencies will not be recognized as legal tender within Russia. Despite their use as investment tools, payments must be made in rubles. Russia continues to ban crypto payments, while officials explore regulation and recognize the growing crypto sector.

Key Takeaways

Anatoly Aksakov confirmed that cryptocurrencies will never be recognized as official currency in Russia.
Payments in Russia must only be made in rubles, keeping cryptocurrencies limited to investments.
A proposed "national crypto bank" could help regulate the sector and curb informal transactions.
Russia has the highest crypto adoption in Europe, with significant transaction volumes reported.
Acknowledgment of legalized cryptocurrency mining reflects a shifting attitude towards the sector.

Russia crypto

Strict Stance on Crypto Payments

Anatoly Aksakov, the Chairman of the Russian State Duma's Financial Markets Committee, has made it clear that there will be a firm prohibition on using cryptocurrencies for payments in Russia. Speaking at a TASS press conference, he stressed that all payments within the country must exclusively be in rubles, rejecting the idea that popular cryptocurrencies like Bitcoin and Ethereum could ever become legal tender in Russia.

“We need to realize that cryptocurrencies will never be classified as money in our nation,” Aksakov stated. “They are limited to being an investment tool. Anytime payment is needed, it will strictly be in rubles."

In accordance with the Russian Law on Digital Financial Assets, cryptocurrencies are categorized as property that can be held and traded. However, their usage is confined solely to investments, maintaining a prohibition against using them for payments since 2020.

Movement Towards Crypto Regulation in Russia

Aksakov's assertions align closely with the Russian Central Bank's position, which aims to forbid the use of crypto assets for transactions. Elvira Nabiullina, the Governor of the national bank, advocated for a total crypto ban back in March, which included halting traders from engaging in buying or selling cryptocurrencies. She has also previously requested a complete ban on crypto exchanges and token trading.

Despite the ongoing push to restrict cryptocurrency payments, Russia has outpaced all European nations in terms of crypto adoption. A recent report from Chainalysis revealed that the country received an astounding $376.3 billion in crypto transactions from July 2024 to June 2025.

In parallel, lawmakers are starting to address the need for formalizing the crypto sector. Yevgeny Masharov from the Russian Public Chamber proposed the establishment of a “national crypto bank” in September, which could help bring unregulated crypto transactions into the formal economy.

Moreover, Russian President Vladimir Putin has acknowledged the expansion of the cryptocurrency mining sector, which became legalized as of November 1, 2024.

Yevgeny Masharov, also a member of the Civic Chamber of the Russian Federation's Commission for Public Review of Bills and Other Regulatory Acts, expressed his support for comprehensive regulation of cryptocurrencies. He noted that this would help address significant issues like cleansing the Russian economy and boosting government revenues.