Russia Confirms $376B Crypto Ban for Payments, Eyes Regulation in 2025
Anatoly Aksakov, the head of the Russian State Duma Committee on Financial Markets, made it crystal clear that the country is dead...
Quick overview
- Anatoly Aksakov, head of the Russian State Duma Committee on Financial Markets, firmly stated that cryptocurrency will not be accepted as a means of payment in Russia.
- Despite a significant rise in crypto transactions, the Russian Central Bank maintains that cryptocurrencies can only be used for trading or investment, not for payments.
- Lawmakers are exploring ways to regulate cryptocurrency, including the establishment of a national crypto bank to oversee unofficial transactions.
- The Russian government has legalized crypto mining, recognizing its economic potential, while still prohibiting crypto payments.
Anatoly Aksakov, the head of the Russian State Duma Committee on Financial Markets, made it crystal clear that the country is dead set against using cryptocurrency as a means of payment. At a recent TASS press conference, Aksakov hammered home that all domestic transactions have to be conducted in rubles.
“Cryptocurrencies will never become actual money in Russia,” he declared, “they can only be used for trading or as investments, nothing more – all payments will remain in rubles, no questions asked.
This stance is in keeping with the 2020 law on Digital financial assets, which classifies crypto as property – so people can own and trade it – but makes it clear that you can’t use it for payments. This has always been the line of the Russian Central Bank, no surprises there.
Central Bank’s Reluctance Meets Growing Adoption
Despite regulatory barriers, Russia has seen significant crypto adoption. Between July 2024 and June 2025, the country recorded $376.3 billion in crypto transactions, which is actually higher than the European average, according to Chainalysis.
Russian lawmaker Anatoly Aksakov reaffirms strict stance on crypto payments.
Chairman of the State Duma Financial Market Committee:
> Cryptocurrencies like Bitcoin and Ethereum "will never become money" in Russia and can only serve as investment instruments.
> All domestic… pic.twitter.com/z8UTYAoYTz
— Dave (@Davely_X) December 17, 2025
- Central Bank Governor Elvira Nabiullina has repeatedly pushed for a complete ban on crypto exchanges and payments.
- Back in March 2025, she even called for a full ban, saying it was too risky for the financial system.
- She views crypto as nothing more than a speculative tool, not real money.
This contradiction shows just how complicated the situation is – we’ve got the official line saying you can’t use it for payments. However, there is still significant interest and investment.
Regulation Plans Emerge Amid Mining Boom
Meanwhile, lawmakers are trying to figure out how to bring crypto into the mainstream. In September last year, Yevgeny Masharov from the Russian Public Chamber proposed establishing a national crypto bank to monitor and formalize all unofficial crypto transactions.
At the same time, the government has come round to recognizing the importance of crypto mining. On the 1st of November 2024, Russia legalized it, and the President acknowledged its economic potential. Some people argue that, with proper regulation, they could increase government revenue, formalise existing crypto activities, and clean up parts of the informal economy.
It’s still the case that payments in crypto can’t be made, but the government is slowly – very slowly – setting up a structure for dealing with investment and mining. This ongoing debate really highlights the tension between innovation and financial stability in Russia.
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