Russia is moving closer to formally integrating cryptocurrencies into its financial system, as officials acknowledge their widespread adoption and the central bank prepares to allow banks to handle digital assets under strict controls.
According to a TASS report, Deputy Finance Minister Ivan Chebeskov said that around 20 million Russians now use cryptocurrencies “for various purposes,” describing it as a reality that the government must address rather than resist.
TASS reported that Chebeskov argued that the state needs to develop national infrastructure both to protect users and to ensure “economic and technological benefits” for the country.
The scale of that adoption was highlighted by new figures cited by TASS from the Bank of Russia.
According to the news agency, the combined balances of Russian citizens in cryptocurrency exchange wallets amounted to 827 billion rubles (about $10.15 billion) at the end of March 2025, a 27% increase over the same period a year earlier.
TASS said the majority of those funds were in bitcoin (62.1%), followed by ether (22%) and the stablecoins USDT and USDC (15.9%). The central bank, according to TASS, also plans to study cryptocurrency investments and lending activity between January and February 2026.
Central bank prepares strict rules for banks entering cryptocurrencies
In a separate development, Interfax reported that First Deputy Governor Vladimir Chistyukhin said that the Bank of Russia decided to allow banks to operate in the cryptocurrency sector for the first time.
Speaking at the Finopolis conference, Chistyukhin said the regulator made that decision after consulting with the banking sector, but intends to impose strict capital limits and reserve requirements to ensure that crypto activity does not become a “dominant” line of business.
Interfax also reported that the central bank proposed in March to allow cryptocurrency transactions only for “highly qualified investors,” and draft criteria are still under discussion.
These include investment portfolios worth at least 100 million rubles or annual income exceeding 50 million rubles. In May, the regulator issued a letter recommending that lenders limit their cryptocurrency exposure to about 1% of capital while it develops new rules to measure cryptocurrency-related risks.
Taken together, the reports suggest a policy shift: Russian officials are now publicly acknowledging the entrenched role of cryptocurrencies in the economy while preparing a tightly regulated path for banks to participate in the market.
