Chairman of Russia’s Treasury Committee says virtual currencies will never become money

Russia will not recognize cryptocurrencies as legal tender, according to the head of an important parliamentary committee.

The statement came amid efforts to properly regulate investments in crypto assets and derivatives, but the Russian government does not care.

Virtual currencies are not treated as money in Russia, a country where influential politicians say

Russia has no intention of recognizing digital coins as a means of payment within its jurisdiction, despite signs that it is using them to circumvent sanctions in cross-border trade.

This was revealed by Anatoly Aksakov, Chairman of the Financial Market Committee of the Russian Duma.

At a press conference, a high-ranking member of the chamber asserted:

“You must understand that cryptocurrencies will never become money in our country. They can only be used as an investment vehicle.”

“If something is to be paid, it can only be paid in rubles,” Aksakov stressed, TASS reported on Monday.

His comments reflect the long-held position of Moscow’s regulators, particularly the conservative Central Bank of Russia (CBR).

In October, the head of the monetary authority, Elvira Nabiullina, flatly rejected the idea that cryptocurrencies could be used for payments in the Russian Federation.

However, addressing lawmakers in the plenary session of the State Duma, she pointed out that Russia has a special legal framework that allows the use of digital currencies in foreign trade payments.

Nabiullina was referring to the “Experimental Legal Regime” (ELR) established under the CBR proposal, giving importers and exporters the option of adopting cryptocurrencies for international business.

The ELR allows Russian companies to acquire, use and accept cryptocurrencies in transactions with foreign partners, thereby circumventing Western sanctions.

Russia’s access to traditional financial channels has been severely restricted over the past few years due to a series of punitive measures imposed in response to Russia’s invasion of Ukraine.

The scheme also grants access to cryptocurrencies and their derivatives to a limited category of “highly qualified” investors, who are qualified as such based on income and other assets.

Russia views cryptocurrencies primarily as an investment tool

Initially, the ELR was announced as a project with a three-year lifespan, but it is now likely to go beyond that framework and be replaced by a comprehensive law regulating crypto investments.

As reported by Cryptopolitan, in early December Aksakov revealed that Russian lawmakers would focus on the issue in 2026. It comes after the CBR urged swift adoption of the virtual currency bill.

The Bank of Russia also indicated its readiness to allow commercial banks to handle digital assets and to allow mutual funds to also invest in digital assets and their derivatives.

Regulators issued a circular in May allowing financial firms to offer derivatives products on Russian markets, and have since said they are open to expanding access for investors, although not for ordinary Russians.

Meanwhile, CBR is driving the adoption of its own digital ruble, most recently through integration with existing banking apps.

After extensive testing, Russia’s CBDC is finally scheduled to be introduced next year. The plan is to issue state-issued coins to the public in several stages, with the first issue scheduled to begin on September 1, 2026.

True, a sovereign digital currency will not bring significant benefits to most Russians compared to regular bank funds, but it is likely to be widely used for budget transfers.

Aksakov announced earlier this month that the Russian government would expand its digital ruble pilot to include regions such as annexed Crimea, which are subject to targeted sanctions.

Although the lawmaker himself recently became the first high-ranking official in Moscow to receive a CBDC salary, most Russians remain wary of the digitalization of the national fiat currency.