Russia finally caves to crypto pressure, but there’s a catch—only the wealthy elite can play while average citizens remain locked out of the digital currency revolution.
At a Glance
- Bank of Russia allows crypto-linked investment products only for accredited investors
- Ordinary Russians still barred from buying or holding cryptocurrency directly
- Crypto assets must be “non-deliverable,” limiting ownership to speculative contracts
- Russians hold over $9.2 billion in crypto despite restrictions
- Transaction volume surged 51% in early 2025 amid growing demand
Crypto Access—But Only for the Connected
The Bank of Russia has unveiled a new policy allowing select financial institutions to offer crypto investment products—but only to a handpicked class of institutional and accredited investors. For the average Russian citizen, direct access to digital currencies like Bitcoin remains out of reach, even as public demand soars and total crypto holdings in the country top $9.2 billion.
The twist? These new crypto products must be “non-deliverable,” meaning investors can speculate on prices but can’t actually own or transfer the digital assets themselves. It’s a move that creates a state-sanctioned walled garden: rich investors get sanctioned pathways to profit, while ordinary Russians are denied real ownership or access to decentralized finance.
Watch a report: Russia’s state banks roll out crypto-only portfolios.
Two-Tier Crypto Market by Design
Despite state efforts to cordon off the market, crypto trading in Russia has exploded. In just a few months, transaction volumes jumped more than 50%, indicating rising public appetite for decentralized finance. Russians are bypassing official channels and using offshore platforms or informal peer-to-peer markets to access Bitcoin, Ethereum, and stablecoins.
However, the new rules do not just restrict access—they also suppress innovation. By confining crypto speculation to tightly controlled, state-approved contracts and banning actual digital custody, the Bank of Russia is turning an open financial revolution into a controlled financial theme park—where the attractions are real, but you can’t touch them.
Financial Sovereignty—or Financial Surveillance?
T-Bank (formerly Tinkoff Bank) has already jumped on the opportunity, launching Bitcoin-tied assets through the Atomyze tokenization platform—a venture with close ties to the Russian state. The move demonstrates where the regime’s real priorities lie: ensuring financial innovation flows through centralized, surveilled, and state-compatible channels.
Globally, Russia is not alone. Governments from Washington to Beijing are crafting similar limits. Central banks around the world are racing to introduce central bank digital currencies to counter the decentralization threat posed by crypto. The unifying thread? Fear of losing control.
Russians Vote with Rubles
Even with these restrictions, Russians are voting with their wallets. By March 2025, they had stashed over 827 billion rubles (about $10.5 billion) in cryptocurrencies. Analysts believe the real figure could be much higher, as many turn to private wallets and decentralized exchanges to avoid surveillance.
By selectively enabling access while reinforcing barriers for the masses, the Russian government has created a paradox: a booming crypto market it refuses to publicly acknowledge, controlled by a system it claims to distrust. In doing so, the Kremlin reveals what it truly fears—not crypto speculation, but financial autonomy.
