Russia Confirms Crypto as Investment Only, Not Legal Tender

Anatoly Aksakov, Chairman of Russia's State Duma Committee on Financial Markets, stated that cryptocurrencies will not be recognized as money in Russia and should be viewed solely as investment instruments. Payments must be made in Russian rubles.

Ruble as Sole Payment Unit

A 2020 federal law defines digital currency differently from the national currency, prohibiting its use for payments within Russia.
Cryptocurrencies are considered property or investment items, not legal tender.

Central Bank Concerns

Officials worry about the impact of crypto on monetary control and financial stability.
The ruble's role is emphasized, with Bitcoin and Ethereum seen as too volatile for regular transactions.

Limited Use of Crypto

Cryptocurrencies cannot be used to purchase goods or services domestically but can exist in regulated forms as tradable assets.
Exceptions might be made for corporate or cross-border operations under strict rules.

Impact on People and Business

Residents and businesses cannot accept digital coins instead of rubles for sales or services.
Individuals can hold, trade, or invest in crypto, separated from payment rights.
Public officials must declare digital asset holdings, linking transparency to regulations.

The political stance remains firm on using rubles for payments, differentiating Russia from countries allowing crypto as legal tender.