Russia Moves to Legalize Crypto

Russia is taking bold steps to integrate cryptocurrencies into its foreign trade system, viewing them as a tool to bypass Western sanctions and reduce dependence on the U.S. dollar. The government in Moscow has announced that legalizing such transactions will become a cornerstone of the country’s new financial policy.

Finance Minister Anton Siluanov stated that participants of a strategic meeting led by Prime Minister Mikhail Mishustin agreed on the need to legalize cryptocurrency payments in international trade. At the same time, the Central Bank of Russia will receive broader supervisory powers over this market.

Siluanov emphasized that cryptocurrencies are already being used for import settlements, payments, and cross-border transfers. Therefore, he argued, the state must establish clear legal rules to ensure transparency and order in this area. The minister also announced cooperation with the Central Bank, Rosfinmonitoring (Russia’s financial watchdog), and other institutions to develop a comprehensive regulatory framework.

Cooperation Between Financial Institutions
The meeting was also attended by Central Bank Governor Elvira Nabiullina and her deputy, Olga Polyakova. The joint efforts of the Finance Ministry and the Central Bank aim to coordinate fiscal and monetary policies regarding cryptocurrencies. Meanwhile, Rosfinmonitoring will be responsible for ensuring the security of digital asset transactions and preventing money laundering and terrorist financing.

Testing and Future Regulations
The Central Bank has already launched a pilot program allowing the use of cryptocurrencies in foreign trade under a special legal regime. According to the bank’s Deputy Chairman, Alexei Guznov, the program is designed to test how crypto regulations function in practice. If the tests prove successful, the system could be expanded to include more companies, including those operating in special administrative zones.

Supporters of this initiative argue that legalizing cryptocurrency-based settlements will make Russian foreign trade more flexible and help reduce dependence on the U.S. dollar — a particularly important goal given the ongoing economic sanctions.