Russia Reaffirms Ban on Using Cryptocurrencies for Payments

Cryptocurrencies cannot be used to make payments within Russia, Central Bank Governor Elvira Nabiullina said during a plenary session at the State Duma, the lower house of the Russian parliament.

"As regards cryptocurrencies, we are indeed working now with the government, with the Ministry of Finance on amendments to the law, which will make it possible for qualified investors to make investments in crypto-assets legal," he said, The Caspian Post reports, citing Russian media.

"We understand at the same time that the cryptocurrency cannot be used for payments inside Russia. We nevertheless have the experimental legal regime, enabling their use in foreign trade payments," Nabiullina added.

Russia already has an opportunity to issue stablecoins but these should not be used in payments within the country as well, the Central Bank chief added.