Russia firmly rejects crypto as legal tender, what’s wrong?

Jakarta, Pintu News – According to reports from several Russian news agencies, Anatoly Aksakov, Chairman of the State Duma’s Financial Markets Committee, emphasized that cryptocurrencies “will never be money” in Russia and should only be considered as investment instruments. Aksakov added that all payments should be made using Russian rubles.

Strict Regulation on Crypto Usage

The 2020 federal law on digital financial assets has stipulated that digital currencies are not Russian monetary units and banned their use as a means of payment within the country. Currencies such as Bitcoin (BTC) and Ethereum (ETH) are treated as investment property or goods, not as legal currencies.

The concerns expressed by the Central Bank of Russia related to monetary stability and financial control were the main reasons for this rejection. The ruble should remain the only legal tender to maintain economic stability.

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Implications for Society and Business

The practical effect of this regulation is clear: citizens and businesses in Russia cannot accept cryptocurrencies in lieu of rubles for sales or services. However, they are still allowed to hold, trade, or invest in crypto within a framework that separates ownership rights from payment rights. In addition, the law also requires public officials to declare their ownership of digital assets, indicating an attempt at transparency in the new regime.

Limited Opportunities for Crypto Use

While the use of crypto for the domestic purchase of goods and services is prohibited, there are still limited opportunities in certain contexts. Discussions on narrow exceptions for corporate or cross-border operations are ongoing, but this does not change the basic prohibition against domestic payments.

Policymakers and regulators are designing cryptocurrencies as tradable assets, not as cash. This suggests that there is still a window of opportunity, albeit a very limited one, for crypto utilization under strict rules.

Conclusion

With this firm policy, Russia is on a different path than some other countries that allow crypto payments or give it legal status as a means of payment. This move confirms the ruble’s position as the backbone of Russia’s economic and monetary stability.

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FAQ

Q1: What does Anatoly Aksakov have to say about cryptocurrency in Russia?

A1: Anatoly Aksakov stated that cryptocurrencies “will never be money” in Russia and should only be considered as investment instruments.

Q2: What is the content of the 2020 Russian federal law on digital financial assets?

A2: The law defines digital currencies as distinct from Russian monetary units and prohibits their use as a means of payment within the country.

Q3: Why is the Central Bank of Russia concerned about the use of crypto as a means of payment?

A3: The Central Bank of Russia is concerned that the use of crypto for everyday payments could disrupt monetary control and financial stability.

Q4: Are there any exemptions for crypto use in Russia?

A4: There is discussion about narrow exceptions for corporate or cross-border operations under strict rules, but this does not change the basic prohibition against domestic payments.

Q5: How is Russia positioned compared to other countries in terms of crypto usage?

A5: Russia is on a different path than some countries that allow crypto payments or give it legal status as a means of payment.

Reference

• NewsBTC. Russia Rejects Crypto as Legal Tender, Finance Official Confirms. Accessed on December 19, 2025