Russia Affirms Ban on Cryptocurrency Payments Nationwide

Anatoly Aksakov, Chairman of the Russian State Duma’s Financial Market Committee, stated on December 15 that Russia will not recognize cryptocurrencies as legal tender, only as investment tools.

This position aligns with the central bank’s ongoing opposition to crypto payments, impacting legislative efforts and reflecting continued uncertainty in Russia’s regulatory approach.

Russia Enforces Crypto Payment Ban Aligned with Central Bank

Changes include a clear restriction on using cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) for payments, mandating exclusive use of rubles. This regulation maintains the focus on investment rather than transactional utility.

Market reactions to this decision vary. The Ministry of Finance had previously supported regulating crypto exchanges and taxing earnings, suggesting divergent regulatory views. Aksakov’s comments sparked debate on aligning government strategies, highlighting the central bank’s powerful influence on crypto policy in Russia.

Russia’s Crypto Stance: Historical Stalemates and Current Regulations

Did you know? Russia’s ongoing ban on cryptocurrency for payments continues a four-year stalemate in policymaking, with past regulatory efforts stalling due to diverging opinions between key governmental bodies.

Bitcoin (BTC) is priced at $87,648.73, with a market cap of $1.75 trillion, showing a 24-hour gain of 1.79% despite a weekly loss of 4.99%. Trading volume reached $41.42 billion, declining by 6.93%, according to CoinMarketCap.

Coincu research highlights potential implications of Russia’s rigid stance on crypto payments, suggesting a cautious regulatory path until 2026. Expansion may involve broader access within Russia’s limited “experimental legal regime” to include banks in crypto-related activities. Bitcoin mining is also under scrutiny as part of economic strategy considerations.