Russia is experiencing a quiet rush towards cryptos. Driven by Western sanctions, de-dollarization, and an uncertain economic climate, nearly 20 million Russians now hold these assets. Thus, crypto becomes a financial escape for the masses. Faced with this massive adoption, the government can no longer look away. A new monetary era is now emerging in Russia.
While the Central Bank of Russia admits that bitcoin is the best performing asset, Ivan Chebeskov, Deputy Minister of Finance of the Federation, stated : “we acknowledge that crypto exists, there is no longer any doubt”. He added: “it took time to reach this understanding. We have millions of citizens, according to some estimates 20 million, who use cryptos for various purposes”.
These statements mark a major turning point in the Russian government’s stance towards these assets, long viewed with suspicion. The use of cryptos is now deeply rooted in Russian society, to the point of imposing an institutional response.
Official data published by the Central Bank of Russia confirm this trend. They show a clear increase in adoption and a marked interest in certain specific assets :
This landscape outlines an adoption dynamic centered on assets perceived as safer or more liquid. Despite the proliferation of altcoins, the Russian public remains attached to high market cap cryptos, suggesting a relatively cautious and strategic approach in managing these assets.
While mass adoption of cryptos is now established, it worries Russian authorities. Ivan Chebeskov spoke about the risks related to holding these assets on foreign platforms, especially those outside the Russian regulatory framework or subject to international sanctions.
“Since citizens already use them, we must build our own infrastructure to protect them and derive economic and technological benefits,” he said. He insisted: Russia must develop a sovereign infrastructure, including tools for mining, exchanges, and secure crypto storage.
These statements signal a paradigm shift. While Russia had so far been cautious, even suspicious, towards cryptos, it now envisions creating a national ecosystem, in collaboration with the Central Bank.
The goal is to reduce dependence on foreign platforms, secure citizens’ assets through the creation of a crypto bank and maintain state control over a growing part of the money supply outside traditional banking circuits. This strategic orientation is all the more significant as it fits within a context of distrust towards the Western financial system, exacerbated by sanctions and ongoing economic decoupling.
