Russia's State Duma, the lower house of parliament, approved a bill on 21 Jul in its second and third readings, clearing the final lower-house stage for a legal framework covering digital currencies, Tass reported. The bill keeps the ban on using cryptocurrencies to pay for goods and services inside Russia.
Russia's Duma Approves Crypto Bill, Domestic Payments Still Banned
22 July 2026 - 05:58 CEST
The bill, No. 1194918-8, "On Digital Currency and Digital Rights", passed alongside a companion bill aligning about two dozen existing laws with the new regime, the state-owned news agency said in a 21 Jul report. Most provisions take effect on 1 Sept, with a transition period running until 1 Jul 2027.
Pilot becomes permanent
The legislation converts an experimental regime for cross-border settlement into a permanent framework. That pilot, created by a 2024 law and running since September 2024, let the Bank of Russia authorize digital currency payments under foreign trade contracts between residents and non-residents. Russia's banks have faced restricted access to Swift, the Belgium-based network banks use to send cross-border payment instructions, since Western sanctions imposed after the 2022 invasion of Ukraine.
Licensed over-the-counter dealers may also use digital currency in transactions involving securities, other digital currencies and digital rights – an exception covering dealing rather than payments. Digital rights are a civil code category in force since 2019, covering digital financial assets and utilitarian digital rights.
Register or stop trading
Only entities entered in a Bank of Russia register will be allowed to conduct digital currency exchange activity, although firms may operate without registration until 1 Jul 2027. Access rules differ for qualified and non-qualified investors.
The bill goes next to the Federation Council, the upper house, and then to President Vladimir Putin for signature.
