Russian Lawmakers Reject Bitcoin and Ethereum Payments, Back Central Bank Stance

• Russia enforces a ruble-only domestic payment system nationwide.
• Cryptocurrencies are strictly restricted to investment purposes.
• Lawmakers align with the central bank’s anti-payment stance.
• Crypto regulation progresses despite continued institutional disagreement.

Russian lawmakers have reaffirmed their stance on the use of money within the country. Payments between individuals and businesses must take place exclusively in rubles. Digital assets such as Bitcoin and Ethereum do not qualify as money under this framework. According to senior parliamentary figures, cryptocurrencies cannot function as legal tender and have no future as payment tools within Russia.

Instead, they remain confined to investment purposes, similar to speculative financial assets. Anatoly Aksakov, who heads the State Duma Committee on Financial Markets, has emerged as the leading figure behind this stance. He argues that financial sovereignty depends on protecting the ruble’s central role.

Allowing alternative payment instruments may weaken monetary control and regulatory oversight. Lawmakers, he notes, align closely with the central bank on this issue. Both institutions see crypto payments as a risk rather than an innovation when used in everyday transactions.

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Central Bank Skepticism Remains Firm

The Bank of Russia, acting as the country’s central bank, has long opposed widespread crypto usage. Its leadership has repeatedly warned about financial instability, consumer risks, and illicit activity tied to digital assets. This skepticism shaped earlier legislation, including a 2020 ban on cryptocurrency payments on Russian territory. That law cemented the principle that only the ruble can settle obligations inside the country.

Since then, the debate on Russian cryptopolitics has been characterized by discord. While the Ministry of Finance has supported the regulation and taxation of cryptocurrencies, the Central Bank has sought more drastic policies, even banning the activities of trade and mining operators. This discrepancy between the two viewpoints has materialized in rival bills on cryptopolitics that have not moved forward for years.

Regulation Advances Amid Growing Use

Despite the challenges faced when using crypto for payment, there is a change in perception when it comes to the crypto industry as a whole. Public officials are now open about regulating, not banning, crypto activity. President Vladimir Putin has recognized the increase in crypto mining that is taking place within the country.

Aksakov also recognizes that Russian corporations have been using cryptocurrencies for international trade when there are frictions along the payment chains. The momentum towards regulation received another boost from advisors. Civic Chamber members have stated that it could have a positive effect on government revenues.

The right rules, according to Civic Chamber members, will enable them to check transactions better. They can also fight financial crimes such as fraud-related money laundering. This corresponds to the stance adopted by the Ministry of Finance.

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