Russia’s Finance Committee Head Declares Cryptocurrency Will Never Be Money
Another day, another regulator drawing lines in the digital sand.
A top Russian financial official has thrown cold water on the idea of crypto as sovereign cash, sparking fresh debate over what 'money' even means in the 21st century. The declaration cuts straight to the heart of crypto's core tension: is it an asset, a technology, or a challenger to the state's monetary monopoly?
The Sovereignty Standoff
Governments love control—especially over what fills your wallet. The assertion that crypto will never be 'money' in the traditional sense isn't just semantics; it's a defensive play. It protects the power to print, tax, and sanction. Calling it anything but money lets regulators sidestep the full implications of a borderless, programmable asset.
Tech's Relentless March
Meanwhile, adoption doesn't wait for permission. Networks settle billions in seconds, smart contracts automate legacy systems, and digital wallets bypass traditional banking rails entirely. The tech evolves faster than any committee's pronouncement. Defining it away won't make it disappear—just ask the music industry about Napster.
The Real Fight Isn't About Names
This isn't a debate over vocabulary. It's a battle for relevance. Every 'it's not money' statement is a tacit admission that the existing system feels the heat. If it were truly irrelevant, why bother declaring what it isn't? It's the financial equivalent of a giant 'Keep Off the Grass' sign—posted right where everyone's already walking.
So, will crypto ever be 'money' by their definition? Probably not. But it might just redefine the entire system until their definition is the one that sounds outdated. After all, history's greatest innovations often arrive without a government seal of approval—just ask the guys who invented banks to replace kings' treasuries.
Crypto will not be treated as money in Russia, top lawmaker states
Despite indications it has been using digital coins to bypass sanctions in cross-border trade, Russia has no intentions to recognize them as a means of payment inside its own jurisdiction.
This was made clear by Anatoly Aksakov, who chairs the Financial Markets Committee at the State Duma, the lower house of Russian parliament.
Speaking at a press conference, the high-ranking member of the chamber insisted:
“It must be understood that cryptocurrencies will never become money within our country. They can only be used as an investment instrument.”
“If something is paid for, it can only be paid for in rubles,” Aksakov emphasized, quoted by the TASS news agency on Monday.
His statements echo a long-standing position of regulatory bodies in Moscow, most notably the conservative Central Bank of Russia (CBR).
In October, the monetary authority’s governor, Elvira Nabiullina, categorically rejected the notion that cryptocurrency could be employed for payments in the Russian Federation.
Addressing deputies during a plenary session of the Duma, she noted, however, that Russia has a special legal framework in place permitting the use of digital currencies in foreign trade settlements.
Nabiullina was referring to the “experimental legal regime” (ELR), established at the suggestion of the CBR, which gives importers and exporters the option to employ crypto for international business.
The ELR allows Russian firms to acquire, spend and accept cryptocurrencies in their dealings with partners abroad, thus circumventing Western sanctions.
Waves of punitive measures imposed over Moscow’s invasion of Ukraine severely limited Russian access to traditional financial channels over the past few years.
The regime also grants a narrow category of “highly qualified” investors, recognized as such based on income and other assets, access to crypto and its derivatives.
Russia views crypto primarily as investment tool
Initially announced as a project with three-year validity, the ELR is now likely to be substituted with comprehensive legislation regulating crypto investments beyond its framework.
In early December, Aksakov revealed that Russian lawmakers will focus on the matter in 2026, as reported by Cryptopolitan. That’s after the CBR urged for the swift adoption of a crypto bill.
The Bank of Russia has also indicated it’s now ready to allow commercial banks to work with digital assets and let mutual funds invest in them and their derivatives as well.
The regulator authorized financial firms to offer derivative products on the Russian market with a circular issued in May and has since made it clear it’s open to expanding investor access, although not for ordinary Russians.
In the meantime, the CBR has been pushing for the adoption of its own the digital ruble, most recently through integration with existing banking apps.
Following extensive trials, the Russian CBDC will finally be introduced next year. The plan is to launch the state-issued coin for public use in several stages, with the first one starting on September 1, 2026.
While, admittedly, the sovereign digital currency won’t bring significant benefits to most Russians, in comparison with regular bank money, it’s likely to be widely employed in budget transfers.
Earlier this month, Aksakov announced the Russian government is expanding the digital ruble pilot, adding regions such as the annexed Crimea, which has been the subject of targeted sanctions, too.
The lawmaker, himself, recently became the first high-ranking official in Moscow to accept a salary in the CBDC, although most Russians remain wary of the digital incarnation of the national fiat.
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