- Retail investors are excluded, limiting broader crypto participation.
- Russia debates Bitcoin as a reserve asset, but officials prioritize gold and yuan.
The Bank of Russia has proposed a three-year experimental legal framework allowing a select group of wealthy investors to trade cryptocurrencies.
The proposal, submitted to the Russian government for discussion on 12th of March, aligns with President Vladimir Putin’s directives to regulate cryptocurrency investments.
Regulate, but don’t embrace
Having said that, Russia continues to reject crypto as a payment method and will impose penalties on those who use digital currencies for settlements outside the experimental regime.
The proposal leaves open questions about Russia’s long-term strategy, particularly given Putin’s past remarks acknowledging Bitcoin’s [BTC] value while dismissing its stability for oil trade.
The Bank of Russia’s proposal restricts cryptocurrency trading to a select group of elite investors.
A VIP pass to crypto: who gets in?
To qualify, individuals must meet one of two financial criteria.
They must either hold at least 100 million rubles (approx. $1.15 million) in securities and deposits or earn an annual income of at least 50 million rubles (approx. $583,960).
This requirement effectively limits participation to the wealthiest individuals and major financial institutions.
While retail investors remain excluded, financial firms that qualify under existing Russian regulations will be permitted to take part.
For these said institutions, the central bank will implement additional regulatory requirements to account for the risks associated with cryptocurrency investments.
Despite introducing this experimental regime, Russia continues to reject cryptocurrency as a form of payment. The Bank of Russia emphasized,
“The Bank of Russia still does not consider cryptocurrency as a means of payment. Therefore, it proposes to also introduce a ban on settlements between residents on transactions with cryptocurrency outside the experimental legal regime, as well as establish liability for violating the ban.”
Undoubtedly, this restriction aligns with Russia’s existing crypto law, “On Digital Financial Assets.” In fact, it has prohibited crypto payments since January 2021.
While the country is now opening limited access to crypto trading, it remains firm on banning digital currencies for daily transactions.
Putin on Bitcoin — from skeptic to observer
Interestingly, President Vladimir Putin’s stance on Bitcoin has evolved over time.
In October 2021, he acknowledged that Bitcoin could be a valid “payment unit” but expressed concerns about its volatility.
“It’s too early to talk about that for now because cryptocurrency can, of course, be a payment unit, but it is very unstable.”
By December 2024, however, Putin had softened his stance, stating that “nobody can ban Bitcoin”. This recognition of Bitcoin’s resilience coincided with a market rally that saw BTC surpass $100,000 for the first time.
While Russia is limiting crypto access to its wealthiest citizens, the United States is taking a dramatically different approach under President Donald Trump’s administration.
In January 2025, Trump signed an executive order to establish clear crypto regulations for the U.S. to be a global leader in digital assets.
Perhaps the most striking contrast is in strategic reserves.
Bitcoin as a reserve asset? Russia still debates
While Russia hesitates to embrace Bitcoin as part of its national reserves, the Trump administration has actively stockpiled cryptocurrency.
In March 2025, Trump signed an executive order creating a strategic Bitcoin reserve, initially consisting of 200,000 BTC worth approximately $17.5 billion. U.S. officials describe this reserve as a “digital Fort Knox” because of its role in national security.
Despite its controlled approach to crypto trading, Russia has debated the idea of Bitcoin as a national reserve asset.
Anton Tkachev, a State Duma Deputy, recently proposed creating a Bitcoin reserve to strengthen Russia’s financial stability.
He argued that Bitcoin’s decentralized nature makes it a valuable hedge against sanctions and inflation.
He also said,
“In conditions of limited access to traditional international payment systems for countries under sanctions, cryptocurrencies are becoming virtually the only instrument for international trade.”
However, Russia’s top financial officials remain skeptical. Vladimir Kolychev, a key policymaker, stated that the National Wealth Fund would continue prioritizing gold (40%) and yuan (60%) over Bitcoin.
“From a sovereign budget reserve perspective, it is crucial that the fund’s assets are highly liquid and can be quickly sold without significant loss in value.”
Progress or hesitation?
Russia’s crypto strategy balances caution and experimentation. It allows limited trading for wealthy investors while avoiding full-scale adoption.
Putin acknowledges Bitcoin’s influence but remains wary of its volatility. A national Bitcoin reserve seems unlikely.
Meanwhile, the U.S. embraces crypto. Under Trump, it is building a Bitcoin reserve, prioritizing dominance over control.
Russia’s latest crypto move hints at gradual adoption, but its full commitment to Bitcoin remains uncertain.
