Author
Sujha Sundararajan
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In a definitive statement, Anatoly Aksakov, Chairman of the Russian State Duma Committee on Financial Markets, maintained a strict ban on payments using crypto within Russia.
Addressing a TASS press conference, he emphasized that payments in Russia must only be conducted in rubles. He dismissed the possibility of cryptos like Bitcoin and Ethereum becoming legal tender.
“We must understand that cryptocurrencies will never become money within our country,” he noted. “They can only be used as an investment instrument. If payment is required, it will only be in rubles.”
Under the Russian Law on Digital Financial Assets, cryptos are defined as property, which can be held and traded. However, their use is strictly limited to investment purposes. Russia has maintained a ban on using cryptocurrencies as a payment method since 2020.
Russia to Regulate Crypto Despite Central Bank’s Reluctance
Anatoly Aksakov’s remarks mirror the Russian Central Bank’s stance to prohibit the use of crypto assets for payments. The national bank Governor Elvira Nabiullina called for a ‘crypto ban’ in March, blocking traders from buying and selling coins. The long-serving Governor has previously called for total bans on crypto exchanges and token trading.
Despite continued calls to restrict crypto payments, Russia has topped all European markets in crypto adoption. The nation recorded $376.3 billion in received transactions between July 2024 and June 2025, a recent Chainalysis report said.
Further, lawmakers have also proposed measures to formalize the crypto sector. In September, Yevgeny Masharov of the Russian Public Chamber suggested the creation of a “national crypto bank” to bring informal crypto transactions into the regulated sector radar.
Additionally, President Putin has acknowledged the growth of the cryptocurrency mining industry. Russia legalized cryptocurrency mining on November 1, 2024.
Besides, Yevgeny Masharov, a member of the Civic Chamber of the Russian Federation’s Commission for Public Review of Bills and Other Regulatory Acts, recently advocated for crypto regulation.
He said that regulating the asset class would solve several problems, including cleansing the Russian economy and increasing budget revenues.
