Russia restricts cryptocurrency to investment purposes, banning its use for payments.

Key Points Summary

• The Central Bank of Russia continues to prohibit the use of crypto assets for payments.
• In Russia, crypto assets such as bitcoin and ethereum are only allowed as investment tools.

Russia still opposes the use of cryptocurrencies such as bitcoin and ethereum for payments.

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

According to Russia's "Digital Financial Assets Law," cryptocurrencies are regarded as property. They can be owned and traded, but their use is strictly limited to investment purposes.

The Central Bank of Russia plans to expand channels for high-income investors to purchase cryptocurrencies. The central bank is weighing new proposals regarding investment thresholds and trading regulations for cryptocurrencies.