Russia should utilize crypto for development, a government official urges

Russia should have a strategy that allows it to use cryptocurrencies to develop its economy, according to a top representative of the country’s finance ministry.

The call for a comprehensive approach to regulating the digital assets market comes after, earlier this month, the Russian Treasury urged for wider investor access to crypto.

Finance ministry official calls for digital assets strategy

Russia needs a development strategy that will unify regulations for all types of digital assets, including the digital ruble and cryptocurrencies, Deputy Finance Minister Ivan Chebeskov stated during a major crypto conference in Moscow.

Speaking at the Crypto Summit 2025 forum, held this week in the Russian capital, the government official elaborated:

“We would like to have a strategic understanding of the development of this market, and how we can unite our digital financial assets, the [digital ruble] platform created by the central bank, private cryptocurrencies, and utilize all these mechanisms to the benefit of our country.”

Quoted by the TASS news agency, he explained that all these elements, including cryptocurrencies, should be employed to develop Russia’s economy and financial system.

The deputy minister noted that his department views digital assets, their market, and central bank digital currencies (CBDCs) as having a common foundation.

Russia needs to put its crypto rules in order

Chebeskov was referring to several categories of digital assets, as defined by various laws in the Russian Federation, which still lack a comprehensive regulatory framework for this space.

A few years ago, the Russian government adopted a law “On Digital Financial Assets” (DFAs), which went into force in early 2021. It legalized the tokenization of other assets and regulated “digital rights,” including monetary claims and rights related to securities.

Cryptocurrencies, however, remained largely outside its scope. Financial regulators, particularly the Central Bank of Russia (CBR), remain opposed to permitting their free circulation, highlighting that they can be used as “money surrogates,” undermining the status of the Russian ruble as the only legal tender.

The monetary authority has been developing its own CBDC since 2021 and began trials with the digital ruble after the adoption of the necessary legislation in 2023.

According to the latest schedule, announced by the CBR in late June, the introduction of the new form of national fiat for public use should be carried out in stages, starting in September 2026.

The timetable was approved by Russian lawmakers with a law facilitating the wide implementation of the digital ruble and a QR code payment system, which was signed by President Putin in July.

At the same time, Russia is yet to adopt dedicated legislation determining the legal status of decentralized digital currencies like Bitcoin (BTC) and Ethereum (ETH) and regulating operations with them. Only mining has been legalized so far.

Last week, Chebeskov revealed that the finance ministry and the central bank are also discussing regulations for fiat-pegged stablecoins and considering additional rules for crypto investments.

In May, the CBR allowed financial firms to offer crypto derivatives to “highly qualified” investors, companies, and individuals who are able to prove a certain amount of capital to participate.

This month, the Russian Treasury recommended easing the requirements for falling into this category in order to widen investor access to the strictly regulated Russian market for crypto-based products.

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