Cryptocurrency will never be money in Russia, says head of key finance committee
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Russia will not recognize cryptocurrencies as legal tender, according to the chairman of an important parliamentary committee. The statement comes amid efforts to properly regulate investments in crypto assets and derivatives, something Moscow doesn’t mind. Crypto will not be treated as money in Russia, top lawmaker states Despite indications it has been using digital coins to bypass sanctions in cross-border trade, Russia has no intentions to recognize them as a means of payment inside its own jurisdiction. This was made clear by Anatoly Aksakov, who chairs the Financial Markets Committee at the State Duma, the lower house of Russian parliament. Speaking at a press conference, the high-ranking member of the chamber insisted: “It must be understood that cryptocurrencies will never become money within our country. They can only be used as an investment instrument.” “If something is paid for, it can only be paid for in rubles,” Aksakov emphasized, quoted by the TASS news agency on Monday. His statements echo a long-standing position of regulatory bodies in Moscow, most notably the conservative Central Bank of Russia (CBR). In October, the monetary authority’s governor, Elvira Nabiullina, categorically rejected the notion that cryptocurrency could be employed for payments in the Russian Federation. Addressing deputies during a plenary session of the Duma, she noted, however, that Russia has a special legal framework in place permitting the use of digital currencies in foreign trade settlements. Nabiullina was referring to the “experimental legal regime” (ELR), established at the suggestion of the CBR, which gives importers and exporters the option to employ crypto for international business. The ELR allows Russian firms to acquire, spend and accept cryptocurrencies in their dealings with partners abroad, thus circumventing Western sanctions. Waves of punitive measures imposed over Moscow’s invasion of Ukraine severely limited Russian access to traditional financial channels over…
Filed under: News - @ December 16, 2025 11:25 am