The proposal would create a government-monitored framework for swapping rubles and digital assets, with the stated goal of reducing financial crime while opening limited pathways for using crypto in international trade.
The change comes amid mounting economic pressure and restricted access to Western financial systems. After years of resisting digital currencies, Moscow now appears ready to bring crypto under its jurisdiction rather than fight its spread underground.
Turning Necessity Into Strategy
The idea gained traction following comments by Vladimir Chistyukhin, first deputy chairman of the Bank of Russia, during a parliamentary finance meeting. He argued that the time has come for the government and the central bank to craft clear legislation for legal exchange platforms.
According to Chistyukhin, the absence of rules has allowed informal “crypto kiosks” to flourish—where citizens can already exchange rubles for digital coins with no oversight. Bringing such activity under legal supervision, he said, would help block channels used for money laundering and terrorist financing, while also allowing Russia to experiment more openly with cross-border settlements in crypto.
Sanctions Pressure Rewrites Russia’s Crypto Policy
For years, the Bank of Russia opposed integrating cryptocurrencies into the domestic economy, arguing that only the ruble—and its forthcoming digital version—should circulate as legal tender. That position softened after international sanctions isolated Russian banks from many foreign payment systems.
In response, regulators approved a limited “experimental legal regime” in 2023, allowing companies to use Bitcoin and other digital assets for international trade. Yet, progress has been slower than expected. Many firms still rely on older financial workarounds, while others cite the lack of legal clarity as a barrier to adoption.
Chistyukhin acknowledged that crypto-based trade remains underdeveloped but suggested that a properly regulated system could change that, making blockchain transactions an alternative tool for sanctioned Russian exporters and importers.
Finance Ministry Joins the Push
The central bank is no longer alone in its shift. Finance Minister Anton Siluanov confirmed that his department supports the legalization effort, saying a national law would help organize the crypto sector and provide formal oversight.
“We believe this market needs to be legalized and regulated,” Siluanov said in comments reported by RIA Novosti. He noted that clearer rules would make it easier for regulators to track financial flows while allowing companies to operate within the law.
A Controlled Market for Institutions Only
Despite the warming stance toward crypto, officials made it clear that legalization will not mean free public access. The proposed system will likely cater only to corporations and accredited investors, leaving ordinary citizens largely excluded.
Current discussions in Moscow also include possible criminal penalties for unauthorized crypto trading, reinforcing that the government intends to supervise every aspect of the digital asset market. The central bank’s goal, insiders say, is to ensure that crypto plays a role in Russia’s economic strategy—but only under state authority.
Pragmatism Over Ideology
Russia’s sudden embrace of crypto regulation has less to do with innovation than with survival. Facing global isolation, the Kremlin sees blockchain technology as a new instrument to facilitate trade and reduce dependence on Western-controlled banking networks.
Still, the coming legislation will be designed to control, not liberalize, the crypto market. What emerges is likely to be a state-curated digital economy, where blockchain serves as a geopolitical tool rather than a vehicle for open finance.
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