Russia limits crypto to investment, rules out payments

Key Takeaways

Russia’s central bank continues to prohibit the use of crypto assets for payments.
Crypto assets such as Bitcoin and Ethereum are only permitted as investment tools in Russia.

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Russia maintains its opposition to using cryptocurrencies like Bitcoin and Ethereum for payments.

Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, said at a TASS press conference that cryptocurrency cannot be used in Russia for the payment of goods and services.

Cryptocurrencies are considered property under the Russian Law on Digital Financial Assets. They can be owned and traded, but their use is strictly limited to investment purposes.

The Bank of Russia plans to expand access to crypto for high-income investors. The central bank is weighing new proposals for investment thresholds and regulations for crypto trading.