Russia's Crypto Pivot: From Ban to State Strategy
Russia banned crypto payments in 2022, then legalised mining, then approved crypto for cross-border trade. The full story of Russia's contradictory crypto journey.
Russia's relationship with crypto has been contradictory. After years of threatening bans, the government legalised Bitcoin mining in 2024, approved crypto settlements for cross-border trade, and began exploring a state-controlled stablecoin for international transactions.
Why Sanctions Changed Everything
Western sanctions following the 2022 invasion cut Russia off from SWIFT and made dollar-denominated international trade difficult. Crypto — particularly Bitcoin and stablecoins — emerged as a practical alternative for settling trade with China, India, and other non-Western economies.
- Russia is now among the top 3 Bitcoin mining nations by hashrate
- State bank experiments with a digital ruble CBDC for domestic use
- Crypto settlement for oil and gas trade with China in pilot testing
- Individual crypto ownership remains in a grey zone — not taxed, not banned