No Bitcoin Payments in Russia — But the Digital Ruble Is Open for Business

While bitcoin is banned for making payments in Russia, the government is keen on one type of digital money: its own central bank digital currency. 

The digital ruble has been available for transactions in the country since September 1, according to a Tuesday report from Tass. 

Citing a talk given by Prime Minister Mikhail Mishustin, the news agency said that it was all part of “developing a convenient, fast, and independent payment infrastructure” in Russia. 

Russia has been fast regulating digital assets this year. President Vladimir Putin in August signed a law regulating the circulation of digital currencies and digital rights in the country. 

The law states that only registered entities can operate as exchanges, and puts limits on the amount of crypto retail investors can use. 

But what about Bitcoin? 

President Putin in 2024 seemed to praise the OG cryptocurrency. “For example, Bitcoin, who can ban it? Nobody,” he said at a forum at the time. 

“And who can prohibit the use of other electronic payment instruments? Nobody, because these are new technologies.” 

The president has also spoken about how the country has “competitive advantages” when it comes to Bitcoin mining due to the abundance of cheap energy in Russia.