On October 21, Anton Siluanov, the Finance Minister, made this announcement stating, The Central Bank of the Russian Federation and the Russian Ministry of Finance have reached an agreement to allow cryptocurrency payments for international commerce.
“We believe that this area should be legalised, should receive legislative regulation of this area of activity. And thus, together with Rosfinmonitoring and the control services, we will be able to ensure and restore order in this sector,” he said following the results of the strategic session “Improving economic efficiency and ensuring equal business conditions.”
Since cryptocurrencies may be used to remove money from the nation as well as make payments, Siluanov emphasised that their usage in settlements is a crucial field of research.
As a result, the minister believes that strengthening the regulator’s control mechanisms would be crucial if this market is legalised.
Also Read: Russia Moves To Ban Crypto Mining At Power-Subsidised Data Centres
Russia crypto holdings
Evgeny Masharov, the chairman of the Association of Forex Dealers (SRO AFD), had earlier stated on October 16 that 2026 may serve as a springboard for fair regulation of the Russian cryptocurrency industry.
He thinks that Russian residents and companies currently have more than 2.5 trillion rubles ($120 billion) in digital assets, and that the use of cryptocurrencies in international economic calculations is growing, lowering reliance on the currencies of hostile nations.
Russia’s relationship with crypto
Russia is thinking about the possibility of establishing a cryptocurrency bank, which would help the country’s increasing number of cryptocurrency miners and reduce fraud.
As a member of the Russian Civic Chamber, which oversees legislative drafts and evaluates proposals, Evgeny Masharov proposed the idea.
In July 2025, Sberbank, the largest bank in Russia, stated that it would begin providing custody services for bitcoin holdings. The bank is making this step in an effort to become a major player in the nation’s expanding digital asset market.
Sberbank submitted official recommendations to the Russian central bank about the regulation and protection of cryptocurrency holdings.
These multiple developments in the field of cryptocurrency and blockchain show Russia is not taking the currency lightly, as it has finally recognised its potential.
From banks in Russia adopting currencies to regulations favouring them shows that even a strong economy like Russia has adopted cryptocurrency due to its potential and growing importance in the world.
Additionally, purchasing and keeping digital tokens might give retail investors greater confidence. Those looking for methods to combine exposure to cryptocurrencies with traditional finance may be more drawn to the new regulatory issue.