Crypto Will Never be Recognized as Official Currency in Russia, Lawmaker Says

In a definitive assertion, Anatoly Aksakov, Chairman of the Russian State Duma Committee on Financial Markets, maintained a strict ban on funds utilizing crypto inside Russia.

Addressing a TASS press conference, he emphasised that funds in Russia should solely be carried out in rubles. He dismissed the potential for cryptos like Bitcoin and Ethereum changing into authorized tender.

“We should perceive that cryptocurrencies won’t ever change into cash inside our nation,” he famous. “They can solely be used as an funding instrument. If cost is required, it would solely be in rubles.”

Under the Russian Law on Digital Financial Assets, cryptos are outlined as property, which may be held and traded. However, their use is strictly restricted to funding functions. Russia has maintained a ban on utilizing cryptocurrencies as a cost technique since 2020.

Russia to Regulate Crypto Despite Central Bank’s Reluctance

Anatoly Aksakov’s remarks mirror the Russian Central Bank’s stance to ban using crypto property for funds. The nationwide financial institution Governor Elvira Nabiullina called for a ‘crypto ban’ in March, blocking merchants from shopping for and promoting cash. The long-serving Governor has beforehand called for total bans on crypto exchanges and token trading.

Despite continued calls to limit crypto funds, Russia has topped all European markets in crypto adoption. The nation recorded $376.3 billion in obtained transactions between July 2024 and June 2025, a current Chainalysis report stated.

Further, lawmakers have additionally 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 carry casual crypto transactions into the regulated sector radar.

Additionally, President Putin has acknowledged the expansion of the cryptocurrency mining business. 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 stated that regulating the asset class would remedy a number of issues, together with cleaning the Russian economic system and rising funds revenues.

The submit Crypto Will Never be Recognized as Official Currency in Russia, Lawmaker Says appeared first on Cryptonews.