Aksakov ruled out the use of cryptocurrencies as equivalent to money in Russia

Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, stated that Russians will never be able to use cryptocurrency to pay for goods and services. He argued that cryptocurrencies should be viewed solely as an investment tool, not as an alternative to traditional currencies.

>>> "We must understand that cryptocurrencies will never become money within our country. They can only be used as an investment tool. If we are talking about payment, then only in rubles," Aksakov said at a press conference, as quoted by the TASS news agency. <<<<

Regulation of the Cryptocurrency Market

The Russian cryptocurrency market is regulated by the law "On Digital Financial Assets," which recognizes cryptocurrency as property and permits its ownership. However, the law strictly prohibits the use of cryptocurrency for payments for goods and services, underscoring the government's stance on preserving the ruble as the sole legal tender.

Prospects for Investors

The Bank of Russia also plans to allow a wide range of qualified investors with an annual income of at least 20 million rubles to invest in cryptocurrencies. Furthermore, regulation of the Russian crypto market may be established without the mandatory launch of the experimental legal regime announced in March of this year. Initially, it was assumed that only "highly qualified investors" with an investment volume of over 100 million rubles or an annual income of over 50 million rubles would be granted access to cryptocurrency trading.

In Conclusion

Thus, Anatoly Aksakov's position and current legislation emphasize that cryptocurrencies will not be used as a means of payment in Russia. This creates a clear framework for investors wishing to participate in the cryptocurrency market, but retains the ruble as the primary instrument for domestic settlements.