Russian lawmakers have reaffirmed that cryptocurrencies such as Bitcoin and Ethereum will never be permitted as a means of payment within the country, insisting that all domestic transactions must continue to be settled exclusively in rubles.
Anatoly Aksakov, chairman of the State Duma’s Committee on Financial Markets and one of the key architects of Russia’s crypto regulatory framework, said lawmakers fully support the central bank’s long-standing opposition to the use of cryptocurrencies for payments by individuals or businesses.
Speaking to the Russian state news agency TASS, Aksakov stressed that digital assets could only function as investment instruments, not as money.
“We must understand that cryptocurrencies will never become money in Russia,” Aksakov said. “Cryptocurrencies can only be used as investment instruments. Where payment is required, it must only be conducted in rubles.”
His remarks come as Russian authorities continue to shape a regulatory framework for the crypto industry amid growing domestic adoption.
While interest in digital assets has risen, the Central Bank of Russia has consistently taken a hardline stance, warning that cryptocurrencies pose risks to financial stability and monetary sovereignty.
Central bank governor Elvira Nabiullina has repeatedly argued for a comprehensive ban on cryptocurrency transactions, exchanges, and Bitcoin mining, advocating a China-style prohibition. That position has placed the regulator at odds with the Ministry of Finance, which has instead favored regulating crypto platforms and taxing profits rather than eliminating the sector altogether.
Russia formally banned the use of cryptocurrencies as a means of payment in 2020, cementing the ruble as the country’s sole legal tender.
Since then, tensions between policymakers have resulted in competing legislative proposals, some calling for strict bans and others seeking legalization under tight oversight.
Despite this regulatory tug-of-war, Aksakov’s comments suggest that one principle remains non-negotiable: cryptocurrencies will not be allowed to compete with the national currency. Even as lawmakers move toward regulating crypto ownership and investment, payments inside Russia are expected to remain firmly anchored to the ruble.
The stance underscores the government’s broader effort to maintain control over monetary policy while cautiously navigating the rapid global expansion of digital assets.