Russia to let the banks hold the crypto under strict rules; 20m Russians are already using it
Russia moves closer to the formal integration of crypto to its financial system, as officials recognize the widespread adoption and the central bank is preparing to let banks hold digital ownership under strict controls.
According to a Report Through Tass, Deputy Finance Minister Ivan Chebeskov said around 20 million Russians now use cryptocurrencies “for various purposes,” which describes them as a fact that the government should address rather than prevent it.
Tass reports that Chebeskov has argued that the state needs to develop domestic infrastructure both to protect users and to secure “economic and technological benefits” for the country.
The size of that adoption is that the new figures mentioned from the Russian bank.
According to the news agency, the combined balance of Russian citizens in cryptocurrency exchange wallets reached 827 billion rubles (about $ 10.15 billion) by the end of March 2025, a 27% increase from the same period a year before.
Tass said most of those funds were held in Bitcoin (62.1%), followed by Ether (22%) and Stablecoins USDT and USDC (15.9%). The central bank, according to Tass, is also planning to review cryptocurrency investments and lending activities between January and February 2026.
Central Bank prepares tight policies for banks entering crypto
In a separate development, the Interfax reported First deputy governor Vladimir Chistyukin said the Russian bank decided to allow banks to work with the crypto sector for the first time.
Speaking at the Finopolis conference, Chistyukin said the regulator reached that decision after consulting the banking sector, but intended to impose strict capital limits and reserve requirements to ensure that crypto activity did not become a “dominant” line of business.
The Interfax also reported that the central bank proposed in March allowing cryptocurrency transactions only for “highly qualified investors,” with draft standards under the discussion.
It includes investment portfolios that cost at least 100 million rubles or annual income over 50 million rubles. In May, the regulator released a letter recommended that those who lend their crypto exposure to about 1% of the capital as it develops new rules for measuring crypto -related risks.
Together, the reports suggest a policy transfer: Russian officials are now publicly recognizing the role of crypto in the economy while preparing a strictly regulated path for banks participating in the market.
