Russian central bank reaffirms opposition to crypto payments

The Bank of Russia has reiterated its cautious stance on cryptocurrencies, describing them as volatile and risky assets, and reaffirming its opposition to their use as a means of payment within the country.

Speaking at the Alfa Summit, Central Bank Governor Elvira Nabiullina said that cryptocurrencies are subject to volatility and external pressures, including sanctions, and stressed that Russia has a single national currency, Caliber.Az reports per Russian media.

“We believe that this asset [cryptocurrency] is volatile, risky, and subject to sanctions,” Nabiullina said at the Alfa Summit.

According to her, Russia has one currency—the ruble. The Central Bank head added that the regulator is preparing for comprehensive regulation of cryptocurrencies.

Her remarks come amid ongoing debate within Russia’s financial sector over the legal status and potential use of digital assets.

In February, VTB CEO Andrei Kostin called for the legalisation of cryptocurrency settlements domestically, arguing that major exporters are increasingly seeking transparent settlement mechanisms using digital currencies.

At that time, Nabiullina said the Central Bank was moving in that direction but emphasised that any such measures must be carefully regulated.

In late December 2025, the Bank of Russia submitted proposals to the government outlining planned amendments to cryptocurrency legislation. The proposals suggest recognising digital currencies as monetary assets, while maintaining a ban on their use for domestic transactions. A broader legal framework is expected to be finalised by July 1, 2026.

By Sabina Mammadli