Crypto Will Never Be Recognized as Official Currency in Russia, Lawmaker Declares — Here’s Why It Doesn’t Matter

Russia slams the door on crypto as legal tender. A senior lawmaker just made the Kremlin's position brutally clear: digital assets will never get the official currency stamp. But the market isn't listening.

The Regulatory Wall

Forget about paying for groceries with Bitcoin in Moscow. The Russian State Duma draws a hard line between 'digital financial assets'—which it regulates—and any notion of cryptocurrency as sovereign money. The message is pure political theater: control stays with the ruble.

Underground Rivers Keep Flowing

Official bans rarely stop determined capital. While politicians debate semantics, Russian traders and businesses have long used crypto to bypass sanctions, move value, and hedge against inflation. The tech doesn't need a government's blessing to work—it just needs an internet connection.

Global Context: A Lagging Stance

Russia's stance looks increasingly isolated. From Bitcoin-friendly nations to CBDC experiments, the world is grappling with crypto's role. Moscow's outright rejection puts it at odds with financial innovation, clinging to monetary control like a central banker clutching a printed spreadsheet.

The Real Signal Isn't in the Ban

Watch what they do, not what they say. The same government blocking crypto as currency is actively mining Bitcoin and exploring digital asset frameworks for international trade. The 'never' proclamation feels less like policy and more like public posturing for traditional finance audiences who still think a blockchain is something you put on a ship.

Final Analysis: Sound and Fury

This declaration changes little on the ground. Crypto's value proposition—permissionless, borderless, censorship-resistant—thrives outside government recognition. Russia's rejection is a feature, not a bug, for decentralized purists. In the end, adoption is driven by utility, not political decrees. The market has a habit of voting with its wallet, leaving lawmakers to play catch-up—usually after the money's already moved.

Russia to Regulate Crypto Despite Central Bank’s Reluctance

Anatoly Aksakov’s remarks mirror the Russian Central Bank’s stance to prohibit the use of crypto assets for payments. The national bank Governor Elvira Nabiullina called for a ‘crypto ban’ in March, blocking traders from buying and selling coins. The long-serving Governor has previously called for total bans on crypto exchanges and token trading.

Despite continued calls to restrict crypto payments, Russia has topped all European markets in crypto adoption. The nation recorded $376.3 billion in received transactions between July 2024 and June 2025, a recent Chainalysis report said.

A @chainalysis report shows Russia tops Europe in crypto adoption, recording $376.3B in transfers from mid-2024 to mid-2025. What's driving the growth? #Crypto #Russiahttps://t.co/4H34QsVtBN

Further, lawmakers have also proposed measures to formalize the crypto sector. In September, Yevgeny Masharov of the Russian Public Chamber suggested the creation of a “national crypto bank” to bring informal crypto transactions into the regulated sector radar.

Additionally, President Putin has acknowledged the growth of the cryptocurrency mining industry. Russia legalized cryptocurrency mining on November 1, 2024.

Besides, Yevgeny Masharov, a member of the Civic Chamber of the Russian Federation’s Commission for Public Review of Bills and Other Regulatory Acts, recently advocated for crypto regulation.

He said that regulating the asset class WOULD solve several problems, including cleansing the Russian economy and increasing budget revenues.