Russia Reaffirms Ban on Bitcoin and Ethereum Payments

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Quick Breakdown

• Russian lawmakers confirm Bitcoin and Ethereum will remain banned for everyday payments, restricting crypto to investment use.
• The Central Bank of Russia continues to oppose crypto payments, citing risks to financial stability and monetary control.
• Despite the ban, Moscow is allowing limited crypto use in cross-border trade and economic reporting.

Main Policy Position

Russian lawmakers will not permit Bitcoin or Ethereum for everyday payments, reinforcing the country’s long-standing ban on cryptocurrencies as a means of exchange, a senior member of parliament said.

Anatoly Aksakov, chair of the State Duma Committee on Financial Markets, said digital assets will remain restricted to investment and settlement use. At the same time, payments for goods and services must be conducted exclusively in rubles.

Speaking to state news agency TASS, Aksakov said lawmakers remain aligned with the Central Bank of Russia in opposing crypto payments between individuals and businesses. Cryptocurrencies, he said, “will never become money in Russia,” despite rising domestic adoption and renewed debate over regulation.

Russia formally banned the use of digital assets for payments in 2020, a position that has remained unchanged even as crypto trading, mining, and cross-border usage have expanded.

Central Bank Maintains a Hard Line

The central bank has consistently opposed the use of cryptocurrencies in domestic payments. Governor Elvira Nabiullina has repeatedly called for strict limits on crypto transactions, exchanges, and mining activity, citing risks to financial stability and monetary sovereignty.

For years, the central bank and the Ministry of Finance have been locked in a policy standoff, with proposals ranging from outright bans to tightly regulated legalization. Most initiatives have stalled in parliamentary committees, leaving Russia’s crypto regulatory framework fragmented.

Gradual Shift in Limited Use Cases

Despite the payments ban, Moscow has signalled a cautious openness toward regulated crypto activity in specific sectors. Aksakov has previously acknowledged that Russian companies have conducted billions of dollars in cross-border trade using cryptocurrencies, while central domestic banks report growing client interest in digital assets.

Recently, a senior aide to President Vladimir Putin publicly supported including crypto-related flows in the country’s balance of payments. “Cryptocurrency is a form of money supply,” he stated.

Still, lawmakers insist that any expansion of crypto usage will stop well short of legalizing it as money, preserving the ruble’s exclusive role in domestic payments.