Key Takeaways
Businesses in Russia are testing digital financial assets for cross-border transactions.
The Bank of Russia plans to expand the digital ruble pilot program by the end of the year.
Businesses in Russia are exploring digital financial assets and showing interest in crypto settlements under an experimental legal regime, central bank head Elvira Nabiullina told the State Duma on Wednesday.
“Businesses are testing the use of digital financial assets, showing interest in settlements in cryptocurrencies within the framework of an experimental legal regime,” Nabiullina said during her annual presentation at the State Duma.
Russia’s central bank governor also outlined plans for expanding the digital ruble pilot program, with a target of several tens of thousands of participants by year-end, followed by continued expansion.
Nabiullina noted that despite sanctions making cross-border payments more difficult and causing additional expenses for businesses, these challenges have not considerably impacted import and export volumes. The bank has worked with businesses to solve payment difficulties when they arise.
According to the governor, Russia remains among global leaders in national payment infrastructure development, despite external restrictions.
Finance Minister Anton Siluanov confirmed last December that Russia is adopting crypto assets for foreign trade transactions as a response to Western sanctions.
The shift follows sanctions imposed by Western countries after the invasion of Ukraine, leading to Russian companies facing challenges in traditional banking.
Last year, President Vladimir Putin signed legislation recognizing digital currencies in foreign trade under an experimental legal regime, exempting crypto mining and sales from VAT.
The government also legalized Bitcoin mining, although it introduced regional bans on mining starting in January 2025 to manage energy consumption.
The Bank of Russia has proposed a regulatory framework to the government, allowing crypto purchases for qualified investors under an experimental legal regime.
The proposal targets individual and corporate investors with major financial assets, imposing additional regulatory requirements on financial institutions investing in crypto.