Russian authorities affirm that cryptocurrencies will never become legal tender in Russia and are only considered investment tools. Mr. Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, emphasized that all domestic payment activities must use the ruble.
This stance aligns with the 2020 federal law on digital financial assets, which states that cryptocurrencies are not a unit of currency of Russia and are prohibited from being used as a means of domestic payment. Tokens and traditional cryptocurrencies are regarded as assets or investments, not fiat money.
The Central Bank of Russia is concerned that allowing payments with cryptocurrencies could weaken monetary control and pose risks to financial stability due to the high volatility of assets like Bitcoin or Ethereum. However, individuals and businesses are still permitted to hold, trade, and invest in cryptocurrencies within a tightly regulated framework, and some narrow exceptions for cross-border activities are being considered but do not alter the ban on domestic payments.
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