Russia Enforces Ruble-Only Payments, Bans Crypto for Domestic Use

Russia maintains a strict stance on cryptocurrencies, differentiating them from traditional currency. While crypto usage is rising globally, Russian lawmakers emphasize the ruble's exclusivity for domestic payments.

Anatoly Aksakov, chair of the State Duma Committee on Financial Markets, reaffirms that cryptocurrencies cannot be used for payments within Russia; all transactions must be settled in rubles.
The 2020 digital assets law prohibits cryptocurrencies like Bitcoin and Ethereum from being legal tender. The state asserts control over money issuance.
The Bank of Russia opposes crypto as a payment medium due to financial stability risks, maintaining friction with the Ministry of Finance, which prefers regulation.
Despite domestic restrictions, crypto is increasingly used in cross-border trade under an experimental regime, with billions of dollars facilitated through such channels. Cryptocurrency mining is legally recognized but tightly regulated.
Inside Russia, crypto serves as an investment or external settlement tool, while the ruble remains the sole payment method.