Russia is taking a significant step toward mainstream cryptocurrency use as lawmakers prepare legislation that could allow digital assets to be used more broadly in everyday financial activity, marking a notable shift in the country’s traditionally cautious approach to crypto.
According to reports cited by Russian state-linked media, the proposed bill would expand legal access to cryptocurrencies for retail users under a regulated framework. The initiative is being driven by members of the State Duma in coordination with the Ministry of Finance and the Central Bank of Russia, aiming to integrate crypto into the formal financial system without undermining state control.
Under the proposal, ordinary Russians could be permitted to buy, hold and use cryptocurrencies through licensed platforms, with strict compliance requirements tied to anti-money laundering rules, taxation and identity verification. While crypto payments would not replace the rouble as legal tender, lawmakers say digital assets could be recognised as a legitimate financial instrument for settlements, savings and cross-border transactions.
Russian officials have framed the move as both an economic necessity and a strategic response to external pressure. Since Western sanctions intensified, Moscow has increasingly explored alternative financial rails to reduce reliance on the US dollar and the global banking system. Cryptocurrencies, alongside digital financial assets and the planned digital rouble, are being positioned as tools to improve resilience in trade and payments.
The Central Bank, which has historically opposed widespread crypto adoption, appears to be softening its stance. Governor Elvira Nabiullina has previously argued against using cryptocurrencies for domestic payments but has supported limited use cases, particularly for international settlements. Recent statements suggest regulators are now open to tightly controlled retail access, provided risks to financial stability are contained.
Industry analysts say the bill reflects growing recognition that crypto usage in Russia has continued regardless of restrictions, driven by remittances, inflation hedging and peer-to-peer trading. By bringing activity into a regulated space, authorities hope to improve oversight, capture tax revenue and curb illicit use.
However, challenges remain. Legal uncertainty, volatility, cybersecurity risks and enforcement capacity could complicate implementation. Critics also warn that heavy regulation may limit innovation and push users back into informal markets if compliance costs are too high.
If passed, the legislation would represent one of Russia’s most consequential crypto policy shifts to date, signalling an effort to normalise digital assets as part of everyday finance while maintaining firm state supervision. The bill is expected to be debated in the coming months, with pilot programmes likely before any nationwide rollout.
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