Russia entered a new phase of its financial policy on September 1, when digital ruble transactions became available across the country and a long-anticipated law legalising cryptocurrency circulation took effect simultaneously. Prime Minister Mikhail Mishustin confirmed both developments at the Moscow Financial Forum.
"Since September 1 of this year, transactions with digital rubles have been available in Russia. This is an important step toward developing a convenient, fast and independent payment infrastructure in our country. This is not the only change. The circulation of cryptocurrencies was also legalised in the country starting September 1. The corresponding law was signed by the president," Mishustin said, referring to legislation signed by President Vladimir Putin in August.
The law establishes a comprehensive framework covering digital currencies and the rights attached to them. It sets out rules for exchange platforms, digital custodians and other market participants, requiring exchange platforms to register in order to operate legally within the country.
Limits for retail investors
Under the new rules, retail investors are permitted to trade bitcoin and other liquid cryptocurrencies, but only up to a ceiling of 300,000 rubles per year, roughly 3,556 US dollars. Qualified investors face no such restriction. Payments in cryptocurrency for goods and services within Russian territory remain banned, a prohibition that has been in place since 2022 and continues under the current framework alongside the retail trading cap.
The digital ruble
The digital ruble is a central bank digital currency issued by the Bank of Russia, which first presented the concept in 2021. Its architecture keeps the currency under central bank control while incorporating components of distributed ledger technology. Its rollout is being framed by officials as a step toward a payment system that does not depend on foreign infrastructure.
Context of sanctions and mining
The legalisation of crypto trading follows years of shifting positions from Moscow. In 2024, Putin said no one could ban bitcoin and pointed to Russia's energy availability as a competitive advantage for mining. That same year, Finance Minister Anton Siluanov said Russian companies were turning to cryptocurrencies for international transactions as they faced restrictions imposed by Western sanctions.
Taken together, the digital ruble's launch and the new crypto law point to a dual-track strategy: a state-controlled digital currency for domestic payments infrastructure, paired with a tightly bounded, registration-based allowance for private cryptocurrency trading that keeps retail exposure limited while leaving room for qualified investors and, implicitly, for cross-border commercial use.
