Russia Has a New Crypto Critic, the Chair of Financial Markets — Here’s What He Said

Key Takeaways

• The head of Russian Financial Markets has said that crypto can never replace the ruble.
• The comments came amid Russia’s growing use of cryptocurrencies for international trade.
• Putin has played a key role in advancing pro-crypto policies in the country despite the central bank’s opposition.

Russia has a new emerging crypto critic in the form of Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Market, who has backed the central bank’s conservative stance towards crypto.

Russia has overcome its internal concerns about cryptocurrencies to adopt and integrate the nascent technology for cross-border payments, trade deals, and other purposes.

Russians Cannot Use Bitcoin to Buy Goods and Services

Aksakov, who is also a key figure behind innovative crypto regulations in Russia, stated that crypto could never replace the ruble in the payment market.

He stated that payments within Russia must be made in rubles and that cryptocurrencies such as Bitcoin and Ethereum will never become a currency in Russia, but can only be used as investment instruments.

“We must understand that cryptocurrencies will never become money in Russia,” Aksakov said. “Cryptocurrencies can only be used as investment instruments. Where payment is required, it must only be conducted in rubles.”

Aksakov’s statement clarifies that these international openings do not extend to domestic areas. Cryptocurrency remains volatile and risky for everyday use, posing a threat to the ruble’s sovereignty and financial stability—core concerns for the Central Bank.

Aksakov’s comments came on the verge of the upcoming comprehensive regulation proposal set to be introduced early in 2026.

This aligns with the position of the Bank of Russia: previously, Elvira Nabiullina, the head of the Central Bank, confirmed the ban on using cryptocurrency for domestic settlements.

The Central Bank has always favored a domestic central bank digital currency over private cryptocurrency. However, the war against Ukraine, followed by a series of sanctions, forced the nation to turn to crypto.

Russian firms have conducted billions of dollars’ worth of cross-border trade using crypto as a payment tool. Even many of the country’s top banks have said demand for crypto is growing among their customer bases.

Russia Follows US to Offer Comprehensive Crypto Regulations

Despite the Central Bank’s skepticism, Russia has moved to introduce fragmented crypto regulations, whether for banking use or international trade. However, the government now plans to introduce comprehensive rules, following the lead of the U.S.

​​Aksakov hinted that the government in 2026 will focus on refining digital financial assets regulation, likely including platforms, taxation, and oversight, rather than liberalization.

The experimental foreign trade regime may expand if effective, but domestic payments remain off-limits.

Currently, Russia has legalized Bitcoin mining and imposed taxation on it. Apart from that, the banking sector in the country has also started experimenting with decentralized finance tools for tokenization.

The rise of crypto in Russia, despite internal criticism, is a direct result of President Vladimir Putin’s positive outlook on the nascent industry.

He overrode initial Central Bank opposition (which favored bans) by instructing compromises, leading to experimental regimes for cross-border crypto payments.

Putin has played a pivotal, directive role in shifting Russia toward a selectively pro-crypto policy since 2022–2024, primarily as a tool for economic resilience amid Western sanctions following the Ukraine invasion.