Russian Lawmakers Affirm Cryptocurrencies Will Not Serve as Payment in Russia

Central Bank Position and Legislative Impasse

The Bank of Russia has historically opposed the use of digital assets for payments. Governor Elvira Nabiullina has repeatedly called for comprehensive restrictions, including bans on crypto transactions, exchanges, and cryptocurrency mining.

In 2020, Russian lawmakers passed legislation prohibiting the use of cryptocurrencies as a payment method within the country. Since then, the Ministry of Finance and the central bank have been engaged in a prolonged regulatory tug-of-war. While the central bank favoured a China-style ban, the Ministry of Finance has advocated for licensing exchanges, taxing traders, and regulating crypto activity.

Multiple rival bills were introduced over the past four years, either proposing total bans or regulatory frameworks for the crypto sector. Most of these bills stalled in State Duma committees, leaving the industry in regulatory limbo.

Signs of a Regulatory Shift

Recent developments indicate that the Ministry of Finance’s approach may gain traction. President Vladimir Putin has expressed support for Russia’s cryptocurrency mining sector, and officials have acknowledged increasing demand for crypto among corporate and retail users.

Aksakov noted that Russian firms have conducted billions of dollars’ worth of cross-border trade using cryptocurrencies as a settlement tool. Senior decision-makers, including Evgeny Masharov, member of the Civic Chamber’s Commission for Public Review of Bills and Other Regulatory Acts, have emphasized the need for regulatory clarity.

“If [cryptocurrencies] were legalised, federal budget revenues would see a significant increase,” Masharov said, adding that clear rules would also enable law enforcement agencies to counter fraud and money laundering, particularly in voice phishing schemes, according to OCN.

The comments signal a potential pivot in Russia’s crypto policy, with lawmakers and the Ministry of Finance increasingly steering regulatory decisions, while the central bank’s restrictive stance appears more isolated.