Russian Lower House Chairman Denies Domestic Payment Use of Cryptocurrencies, Limits to Investment Only

On the 15th, during a press conference with TASS news agency, Anatoly Aksakov, Chairman of the Russian Lower House Financial Market Committee, stated that cryptocurrencies such as Bitcoin and Ethereum will not be used as a means of payment within Russia. He emphasized that cryptocurrencies are recognized only as investment vehicles and that domestic payments are to be made exclusively in the ruble. Elvira Nabiullina, the head of the Central Bank, also expressed opposition to the use of cryptocurrencies for domestic payments during the Lower House plenary session in October. However, she mentioned that there is an experimental legal framework in Russia that allows the use of cryptocurrencies for foreign trade settlements.