1 October 2026
Russian Authorities Plans To Recognize Crypto as a Form of Currency
According to local news reports, Russian authorities are planning to recognize digital assets as a form of currency.
This morning, the Russian newspaper Kommersant reported that the Bank of Russia and the government have reached an agreement on how to regulate Cryptocurrencies. Together they are drawing out a draft law, expected by February 18. The draft will define Crypto as an “analogue of currencies” rather than as digital financial assets.
Additionally, the report states that it will only be possible to use Crypto “in the legal sector” with full identification, through the banking system, or via licensed intermediaries.
The news came out just weeks after the central bank proposed a blanket ban on Crypto in a report issued in January, stating that the speculative nature of the industry posed a significant threat to the financial stability of citizens. Also, the Bank of Russia said that financial institutions should discontinue Crypto transactions.
While the latest reports suggest that the Russian President is backing plans for regulating the country's Crypto mining industry.
According to today’s report, the Crypto transactions of over 600,000 rubles (roughly $8,000) will have to be declared or will constitute a criminal offense. Also, one has to pay fines for illegally accepting Crypto as a means of payment.
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