Anatoly Aksakov, Chairman of the Russian State Duma Committee on Financial Markets, has firmly stated that cryptocurrencies will never be recognized as legal money in Russia.
Speaking at a TASS press conference, he emphasized that all payments in the country must be made exclusively in rubles. Cryptocurrencies like Bitcoin and Ethereum, he said, can only serve as investment instruments, not as a means of payment.
“We must understand that cryptocurrencies will never become money within our country,” Aksakov said. “They can only be used as an investment instrument. If payment is required, it will only be in rubles.”
Under Russian law, digital assets are treated as property that can be held and traded, but their use is strictly limited to investment purposes. Russia has maintained a ban on crypto payments since 2020.
Aksakov’s stance reflects that of the Russian Central Bank. Governor Elvira Nabiullina has repeatedly called for a crypto ban, blocking trading and previously suggesting full prohibitions on exchanges and token sales.
Despite the restrictions, crypto adoption in Russia remains high. According to Chainalysis, the country recorded $376.3 billion in crypto transactions between July 2024 and June 2025, topping European markets.
Lawmakers are also exploring ways to formalize the crypto sector. Yevgeny Masharov of the Russian Public Chamber proposed creating a “national crypto bank” to bring informal crypto transactions under regulation.
President Putin has recognized the growing cryptocurrency mining industry, which was legalized in Russia on November 1, 2024.
Masharov added that regulating crypto could help cleanse the economy and boost government revenues, highlighting the potential benefits of integrating the sector within official oversight.
