Moscow Pushes Forward With Domestic Crypto Network
Russia is building a homegrown crypto infrastructure, aiming to support not just its newly regulated mining sector but the broader digital asset economy. Deputy Finance Minister Ivan Chebeskov revealed that work is already underway, stressing that demand from market players is urgent.
He confirmed that the project is being developed in coordination with the Central Bank of Russia (CBR), which has long held a cautious stance toward decentralized crypto.
The Ministry of Finance Leads the Push
Russia’s Ministry of Finance (Minfin) has emerged as the leading force in pushing crypto forward, advocating for its use in the economy even as the CBR resists full legalization. Earlier this year, the central bank approved a framework for an “experimental legal regime” (ELR) that allows companies to use crypto in cross-border trade.
Under the sandbox, exporters, importers, and select wealthy investors can buy, trade, or spend crypto within a regulated environment. However, the CBR maintains that digital currencies will not be recognized as legal tender outside this framework.
In May, the CBR also authorized crypto derivatives for high-income individuals — those with over 100 million rubles ($1.2 million) in securities or more than 50 million rubles ($600,000) in annual income.
Big Finance Players Enter the Arena
Russia’s biggest financial institutions are wasting no time. Sber, the country’s largest bank, along with the Moscow Exchange and brokerage giant Finam, have started developing financial products tied to the price of major cryptocurrencies.
This signals the state’s intent to create a controlled crypto market, one where large banks and regulated brokers dominate. The Ministry of Finance has even urged regulators to expand access by lowering the bar for “superqual” investors — a category reserved for Russia’s wealthiest citizens.
Central Bank Stays Cautious
The CBR has not yet agreed to loosen access, but it recently hinted at further concessions. Officials indicated that investment funds may be allowed to hold crypto by 2026, marking a gradual expansion of the market.
Valery Krasinsky, deputy head of the CBR’s Investment Finance Intermediation Department, said the move aims to “level the playing field” for capital management firms since crypto derivatives are currently dominated by brokers.
Still, ordinary Russians remain locked out of most legal avenues for crypto investment. For now, participation is largely restricted to elites and large institutions, reflecting the government’s desire to maintain control.
Despite Restrictions, Russians Hold Billions in Crypto
Despite official warnings and restrictions, Russians are already deep into crypto. A June report cited estimated that Russian wallets hold over $25 billion worth of digital assets.
That figure highlights the contradiction in Russia’s policy: while the state moves to centralize and control crypto through regulated channels, ordinary citizens continue to build significant exposure through unofficial routes.
With global sanctions pressuring the economy, Russia’s state-backed crypto infrastructure may emerge not only as a way to regulate domestic activity but also as a tool for international trade. The real question now is whether the Kremlin can build fast enough to keep up with a market it can’t fully contain.
