As global sanctions continue to isolate Russia from traditional financial networks, the country’s top financial bodies — the Central Bank and the Ministry of Finance — are preparing to launch a government-backed cryptocurrency exchange.
The platform, however, won’t be open to the general public. Instead, it targets only Russia’s wealthiest individuals.
The initiative marks a potential shift in Russia’s stance on digital assets, after banning crypto for payments in 2021. Finance Minister Anton Siluanov revealed the early details during a recent government meeting, signaling renewed interest in integrating crypto into the nation’s tightly controlled financial ecosystem.
Entry Requirements Favor Russia’s Wealthy Elite
If launched, the new exchange will cater to individuals meeting strict financial criteria. According to preliminary information, participants must either:
- Hold assets worth over ₽100 million (roughly $1.2 million)
- Earn more than ₽50 million (around $600,000) annually
These thresholds firmly limit access to Russia’s upper class, reflecting a cautious approach to reintroducing crypto under state supervision while still enforcing tight controls.
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Crypto Comeback — But With Strings Attached
Although this move appears to signal a soft re-entry of crypto into Russia’s financial framework, full legal clarity remains elusive. There’s no confirmation yet on whether crypto payments will be legalized alongside trading. The government seems more focused on offering controlled trading options, potentially as a workaround to sanctions — while avoiding broader retail crypto adoption.
With nothing finalized, the initiative remains in its planning phase. But if implemented, it could reshape how Russia’s elite access international markets, all while navigating around the economic wall imposed by Western sanctions.
Kostadin Dimitrov
