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Elvira Nabiullina, Governor of the Central Bank of Russia, reaffirmed the institution’s position against the use of cryptocurrencies for domestic payments.&nbsp; 
Speaking at a recent press conference, Nabiullina stated, “We continue to believe that cryptocurrencies should not be used as a means of domestic payment,” <a href="https://uk.finance.yahoo.com/news/russias-nabiullina-rate-decision-rouble-132414500.html" target="_blank" rel="nofollow">according</a> to Reuters reporting.&nbsp; 
This stance aligns with <a href="https://crypto.news/tag/russia/" target="_blank">Russia’s</a> current legislation, which prohibits the use of digital assets for transactions within the country. However, Nabiullina emphasized the central bank’s support for using cryptocurrencies in international trade as a way to mitigate the impact of Western sanctions. 
“We do agree, support, and promote projects related to the use of cryptocurrency for external payments, but for domestic payments—no,” she clarified. 
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<h2 class="wp-block-heading" id="russia-s-recent-crypto-developments">Russia’s recent crypto developments</h2> 
In line with this approach, Russia has been developing mechanisms to facilitate cross-border cryptocurrency transactions. The central bank plans to conduct its first experimental <a href="https://crypto.news/russia-considers-launching-trading-platforms-for-stablecoins-on-domestic-stock-exchanges-report/" target="_blank">international</a> payment using cryptocurrency by the end of this year.&nbsp; 
While the central bank remains firm on prohibiting domestic cryptocurrency payments, its <a href="https://crypto.news/russia-set-to-trial-crypto-for-trading-goods-with-military-applications-report/" target="_blank">endorsement of digital assets</a> for international trade and military purposes reflects a more nuanced approach to integrating cryptocurrencies into Russia’s financial system. 
In 2023 Nabiullina <a href="https://crypto.news/new-level-of-confrontation-the-us-russia-step-up-the-crypto-race/" target="_blank">approved the use</a> of cryptocurrency in external settlements as an experiment. In March 2024, Russian President Vladimir Putin signed a law allowing the use of digital financial assets. 
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Russia’s bank governor confirms no plans to invest in cryptocurrencies

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