Russia Advances Digital Currency Bill; Central Bank Set to Control Market Entry

Russia's State Duma has approved the draft law "On Digital Currencies and Digital Rights" at first reading, a move that would legalize cryptocurrencies in the country, Cryptopolitan reported on April 22. Under the proposal, the Central Bank of Russia would act as the lead regulator, with powers to issue licenses, authorize or block crypto transactions, and determine their legal status. Cryptocurrencies would be treated as property, but their use for domestic payments for goods and services would be banned. The ruble—including the digital ruble—would remain Russia's only legal tender. The bill also allows businesses to use cryptocurrencies for foreign-trade settlements under sanctions. Lawmakers aim to pass the legislation by July 1, 2026. Once in force, Russian citizens would be able to buy digital assets legally through licensed intermediaries. Investors would be split into qualified and nonqualified categories. Nonqualified investors would need to pass a test and face annual purchase caps; the central bank has proposed a limit of 300,000 rubles (about $4,000).