Why cryptocurrencies have become important for Russia
After 2022, Russia was cut off from familiar international payment channels, including the SWIFT systеm. This pushed businesses and individuals to look for alternatives. At that point, cryptocurrencies became a real tool for settlements with foreign partners and for preserving savings.
Today, digital assets in Russia can no longer be called a “novelty.” They have become part of everyday economic life, especially for those working with foreign companies or seeking to protect their savings.
Legislation and regulation
Formally, cryptocurrency in Russia is not an official means of payment, but since 2020 it has been recognized as a digital financial asset (DFA).
From January 1, 2025, the state закрепило the status of cryptocurrencies as property, making related transactions subject to taxation.
The Central Bank launched a pilot project: companies and qualified investors can now legally conduct crypto transactions under a special legal regime. Participants must confirm income (from 50 million rubles) or ownership of assets worth more than 100 million rubles.
Thus, Russia is gradually moving from bans to controlled market access for digital currencies.
Cryptocurrency in numbers
According to data from the Central Bank and analytical agencies:
- By the end of March 2025, Russians held around 827 billion rubles in crypto wallets.
- 62% of this amount is Bitcoin, 22% Ethereum, and about 16% stablecoins such as USDT and USDC.
- Transaction volume increased by 51% year-on-year.
- According to Comnews, Russia has about 9.2 million cryptocurrency holders, over 12% of the working-age population.
These figures show that interest is not just persisting — it is becoming stable and conscious.
How businesses use cryptocurrency
For companies, cryptocurrency is not a way to “go underground,” but a survival tool under sanctions.
Importers and exporters actively use stablecoins, primarily USDT.
Digital currencies are also used in offset settlement schemes, where crypto is later converted via exchange services.
What crypto offers to ordinary users
- Savings: funds stored in stablecoins such as USDT.
- Travel: crypto can be exchanged for local currency abroad.
- Purchases abroad: cars, electronics, and even real estate.
Risks and limitations
Despite growing interest, cryptocurrency in Russia remains in a legal grey zone.
- high volatility;
- income declaration difficulties;
- withdrawal restrictions;
- legal uncertainty.
Where the market is heading in 2025
Cryptocurrencies are increasingly becoming part of Russia’s financial systеm.
Exchange services and stablecoins are becoming the core of this ecosystem.