Russia, or the Russian Federation, is the worldโs biggest country in terms of land mass. On a map, Russia sits above Kazakhstan, Mongolia and China. Russia dwarfs China in geographic coverage but not in population, although Russia still has one of the largest populations globally. The ruble serves as Russiaโs national currency.
Cryptocurrency usage in Russia faces restrictions due to legislation, including President Vladimir Putinโs 2020 law legalizing but banning crypto use for goods. A 2022 bill, at odds with the Bank of Russia, treats crypto as an investment tool, not legal tender. It proposes fines of up to 500,000 rubles for individuals and 1 million rubles for companies engaged in crypto trading or issuance.
Additionally, the Bank of Russia is actively developing a central bank digital currency, with plans to expand the pilot program by 2023 and achieve a full launch in 2025. Moreover, cryptocurrencies cannot be used for payments in Russia, and stringent criteria apply to exchanges and over-the-counter desks for licensing. Foreign exchanges must register in Russia to operate. All crypto-to-fiat transactions require bank accounts, and users must undergo Know Your Customer checks with banks and exchanges, reflecting Russiaโs cautious stance on cryptocurrency regulation.
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