On March 21, 2025, Elvira Nabiullina, the head of the Russian Central Bank, proposed a ban on cryptocurrency settlements. This proposal aims to limit the use of Bitcoin and Ethereum and establish criminal liability for violating the prohibition.
Elvira Nabiullina's Proposal
Nabiullina argues for criminal liability for those conducting crypto operations beyond the regulated Experimental Legal Regime (ELR). This proposal also aims to protect the public from the rapidly developing market.
Regulation within ELR
Nabiullina is allowing operations under the Experimental Legal Regime (ELR), which permits Russian companies involved in cryptocurrency mining to sell their coins only to a select group of ‘qualified investors.’
Geopolitical Factors and Domestic Disputes
Discussions on cryptocurrency regulation are linked to global geopolitical issues. Alexander Shokhin urges the government to be more perceptive towards cryptocurrencies, especially in light of US declarations.
Discussion on Russian cryptocurrency policy continues. It remains uncertain if there will be regulatory changes, but the issue is significant amid global economic shifts.
