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.