Anatoly Aksakov reiterates the ban on using cryptocurrencies for payments, confirming that all transactions must be conducted exclusively in rubles.
Anatoly Aksakov, Chairman of the Financial Markets Committee of the Russian State Duma, emphasized that cryptocurrencies cannot be used for payments within the national territory.
During a press conference organized by the TASS agency, Aksakov stressed that all transactions in Russia must be carried out exclusively in rubles. He categorically ruled out the possibility that digital assets like bitcoin and ether could gain the status of legal tender in the country.
“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.”
The Russian law on digital financial assets defines cryptocurrencies as property, allowing their ownership and exchange. However, their use is strictly limited to investment purposes. Since 2020, Russia has maintained a ban on using cryptocurrencies as a means of payment.
The Central Bank’s stance
Aksakov’s statements reflect the position of the Russian Central Bank regarding the ban on using cryptocurrencies for payments. Governor Elvira Nabiullina had called in March for the introduction of a “crypto ban,” preventing traders from freely buying and selling digital assets.
Despite this approach, Russia has established itself as the leading European market for digital asset adoption. According to a Chainalysis report, the country recorded inbound transactions worth $376.3 billion between July 2024 and June 2025.
Proposals to formalize the sector
Russian lawmakers have proposed several measures to formalize the cryptocurrency sector. In September, Yevgeny Masharov of the Russian Public Chamber suggested creating a “national crypto bank” to bring informal digital asset transactions under regulated oversight.
President Putin has recognized the growth of the bitcoin mining industry in Russia, following the country’s legalization of the sector on November 1, 2024.
