Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, stated that cryptocurrencies will never be recognized as money in Russia and should only be considered investment assets. According to him, all payments must be made in Russian rubles.
This stance aligns with the 2020 federal law on digital financial assets, which distinguishes digital currencies from the national monetary unit and prohibits their use as a means of payment within Russia. The law classifies tokens and cryptocurrencies as property or investment items, not legal tender.
Moscow officials and the central bank have expressed concerns about the effects of allowing crypto for everyday transactions, citing risks to monetary control and financial stability. The volatile nature of cryptocurrencies like Bitcoin and Ethereum makes them unsuitable for routine payments.
While cryptocurrencies cannot be used to purchase goods or services domestically, limited regulated use cases exist. Lawmakers are framing crypto as tradable assets rather than cash, with narrow exceptions under discussion for corporate or cross-border activities under strict regulations. However, these do not alter the ban on domestic payments in crypto.
As a result, Russian individuals and businesses cannot accept digital currencies as payment in place of the ruble. However, holding, trading, and investing in crypto remain permitted under laws that separate ownership rights from payment rights. Public officials are also required to disclose holdings in digital assets for transparency.
The political message remains firm: Russian rubles must continue as the sole means of payment. While regulations around trading, custody, and reporting may be refined, there is no indication of moving toward allowing cryptocurrencies to replace the ruble for everyday use. This approach differentiates Russia from some countries that have adopted crypto payments or granted legal tender status to digital coins.