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Russia Rules Out Crypto Payments, Says Bitcoin Will Never Be Legal Money

The post Russia Rules Out Crypto Payments, Says Bitcoin Will Never Be Legal Money appeared first on Coinpedia Fintech News

Russia’s stance on cryptocurrency payments is becoming increasingly clear. Despite growing adoption and interest in digital assets, senior lawmakers insist that Bitcoin and other cryptocurrencies will never be allowed as a means of payment for goods and services inside the country. According to top officials, crypto may have a place in Russia’s financial system, but strictly as an investment tool, not as money.

Crypto Regulations: “Only the Ruble Can Be Money”

Anatoly Aksakov, chairman of the State Duma’s Committee on Financial Markets and the key architect of Russia’s crypto legislation, made the position unmistakable. Speaking to the state news agency TASS, Aksakov stated that Russians will never be permitted to pay for goods or services using Bitcoin, Ethereum, or other cryptocurrencies. Any form of payment, he emphasized, must be made exclusively in rubles.

Aksakov reinforced that cryptocurrencies will not be recognized as legal money in Russia under any circumstances. Instead, lawmakers see digital assets as speculative instruments that can be held or traded, but not used for everyday transactions between individuals or businesses.

Central Bank’s Longstanding Resistance

The Bank of Russia has been the strongest and most consistent opponent of crypto payments. Governor Elvira Nabiullina has repeatedly pushed for sweeping restrictions, including bans on crypto transactions, exchanges, and even mining. This hardline view shaped Russia’s 2020 law that formally outlawed cryptocurrency payments within the country.

Since then, tensions have simmered between the central bank and the Ministry of Finance. While the bank favored a near-total ban similar to China’s approach, the finance ministry advocated regulation, oversight, and taxation instead. For years, competing bills stalled in parliament, leaving Russia’s crypto framework in limbo.

Russia’s Plan B for Crypto

Despite the firm ban on payments, Russia is making efforts towards crypto. Officials, including Aksakov himself, have acknowledged that Russian companies have already used cryptocurrencies to settle billions of dollars in cross-border trade. President Vladimir Putin has also spoken favorably about the growth of the country’s crypto mining sector, signaling a pragmatic shift driven by economic realities.

Major Russian banks have echoed this sentiment, noting rising demand for crypto exposure among customers, even as domestic payment use remains prohibited.

Moreover, the recent comments from policymakers suggest that regulation, not legalization of payments, is now the priority. Evgeny Masharov, a member of the Civic Chamber’s regulatory commission, argued that properly regulating crypto could boost federal revenues and help law enforcement combat financial crimes such as fraud and money laundering.

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