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Naibullina described cryptocurrencies as a high-risk “form of monetization.”, 2026/03/24 19:22:14
Cryptocurrencies are classified as high-risk assets and fundamentally represent a “form of currency substitution,” stated Elvira Nabiullina, the head of the Bank of Russia.
Nabiullina emphasized that the primary risk lies in the fact that digital currencies are issued outside of Russian jurisdiction.
In response to questions from deputies in the State Duma, the head of the Central Bank indicated that it is not advisable to encourage investments in cryptocurrencies. However, she noted that digital currencies are utilized in transactions, which necessitates their legalization to “introduce real accountability for illegal operations that support the shadow economy.”
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“A significant portion of the transactions that facilitate the shadow economy occurs in cryptocurrencies, and we need to make this market transparent. Overall, in our assessment, these measures could yield substantial effects,” Nabiullina stated.
Currency substitution is generally understood as the process of replacing the national currency with other units of account: foreign currency, cryptocurrency, or any other assets.
The Russian Central Bank opposes the use of cryptocurrencies as a means of payment within Russia. Nabiullina explained the reasons for the ban: the Central Bank cannot control the volatility of the exchange rate, which “poses risks for ordinary citizens.” Additionally, the use of digital assets as a payment method could lead to capital flight from the country. This complicates the management of inflation and monetary policy, as cryptocurrencies are issued outside the jurisdiction of the Russian Federation, according to the Central Bank.
Russian legislation prohibits the use of cryptocurrencies for transactions within the country. According to a package of bills proposed by the Central Bank and the government, trading cryptocurrencies in Russia will only be permitted through special exchanges with a banking license, and only within the limits established by the authorities and after providing documentation regarding the purpose of the asset purchase. Authorities expect these bills to come into effect by July 1.
