Russia Declares Ruble Supreme, Dismisses Bitcoin & Ethereum as ’Not Currency’

Moscow draws a hard line in the digital sand.

The Sovereign Shield

Russia's financial authorities just made their stance crystal clear. In a move reinforcing national monetary sovereignty, officials have formally declared the ruble the supreme and only recognized currency within their jurisdiction. The message to decentralized assets? You're not welcome at this table.

Digital Assets, Defined Out

The ruling explicitly excludes cryptocurrencies like Bitcoin and Ethereum from the legal definition of 'currency.' They're assets, property, or speculative instruments—but not money. This semantic firewall allows the state to regulate, tax, or restrict crypto activity without challenging the ruble's monopoly on everyday transactions.

The Control Play

This isn't just semantics; it's a control mechanism. By denying crypto the 'currency' label, the state avoids ceding any monetary policy power. It keeps capital flows visible, sanctions enforceable, and the central bank firmly in the driver's seat—a classic move from the old financial playbook, now applied to a digital age. It’s the kind of rigid thinking that makes traditional bankers feel safe right before a disruptive technology makes their model obsolete.

The Global Ripple

Russia's position adds another major economy to the list of nations grappling with crypto classification. It creates a stark contrast with regions embracing digital asset frameworks and pushes the global conversation further toward a fragmented, nation-by-natechnical regulatory landscape. For crypto natives, it's just another wall to bypass or tunnel under.

The ruble reigns supreme—at least on paper. Meanwhile, the decentralized networks keep validating blocks, proving that in the long run, code often outlasts decrees. Another reminder that when a government feels the need to loudly declare what something isn't, it's usually because the market has already decided what it is.

Bitcoin and Ethereum Are Not Currencies: Chairman of Russian State Duma Committee Chief

Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, has shared another striking stance on crypto. Aksakov quickly added that Russia will not streamline crypto. It will only allow it to be used as an investment instrument. The Russian Duma chief later shared how the ruble will always reign supreme when it comes to making payments in the country.

Aksakov’s comments have come at a time when Russia seems to be at a crossroads, embracing and resisting the allure of crypto at the same time.

Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, said that payments within Russia must be made in rubles, and that cryptocurrencies such as Bitcoin and ethereum will never become currency in Russia and can only be used as investment instruments.…

The Persistent Crypto Push and Pull

Russia has always projected a strong stance towards the crypto domain. Whether it’s about supporting crypto regulation or it’s about banning it, statements from its central bank leading personnel have always projected a cautious attitude towards the domain.

Russia’s central bank governor, Elvira Nabiullina, had earlier urged for a total crypto ban. But over the years, the nation has now started to entertain talks about regulating the crypto domain.