Cryptocurrencies like Bitcoin, Ether, and others can be traded, but no goods and services in Russia are allowed to be priced in it. Any transaction for items involving cryptocurrencies must involve an exchange for rubles first. More clarity came out of the Kremlin on July 31 when Vladimir Putin signed the new cryptocurrency law. It goes into effect in January 2021. The law defines digital currency as ‘an aggregate of electronic data capable of being accepted as the payment means, not being the monetary unit of the Russian Federation or a foreign state, and as investments’. The digital currency cannot be used to pay for any goods and services.
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