Share this article
Russia Will 'Never' Consider Bitcoin Legalization, Says Minister
The Russian minister of communications and mass media said yesterday that the country will not consider the legalization of digital currencies.
Updated Sep 13, 2021, 7:11 a.m. Published Nov 21, 2017, 2:01 p.m.
The Russian minister of communications and mass media said yesterday that the country will not consider the legalization of digital currencies like bitcoin.
According to state-owned news service TASS, Nikolai Nikiforov stated: "Bitcoin is a foreign project for using blockchain technology, the Russian law will never consider bitcoin as a legal entity in the jurisdiction of the Russian Federation."
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
However, Nikiforov added that it is "quite possible" that Russia could consider using blockchain technology, as well as various digital tokens. However he did not provide any context in which the technology might be utilized.
Last month, the country's Communications Ministry drafted a document to the government detailing technicalities related to the adoption of cryptocurrency technology, indicating there is a interest within Russia for speculative foreign instruments.
Nikiforov noted at the time:
"I think we should go ahead from the technological viewpoint, providing such instruments. It is hardly possible to get anything via restrictions amid digital economic development."
The comments come after the release of statements from Russia's Communications Ministry in May, suggesting that Russia could implement blockchain regulations within the next two years.
While the Russian government takes a generally negative stance on bitcoin, the country's officials have made a number of pro-blockchain statements in recent days.
Just a week ago, a senior official at Russia's central bank said initial coin offerings (ICOs) could drive funding opportunities for startups. And, a week prior, the head of Russia’s Federal Agency for Tourism predicted that blockchain could transform the country's tourism industry.
Nikolai Nikiforov image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Internet Computer climbs back to $3 as short-term momentum improves
ICP pushed above the $3 level on rising activity, holding recent gains as traders reassess near-term direction.
What to know:
- ICP rose about 2.7% to roughly $3.00, reclaiming a closely watched psychological level.
- Trading activity increased during the move higher, accompanying the push through resistance near $2.95–$3.00.
- Price has since stabilized just above $3, keeping attention on whether the level can hold as near-term support.
Top Stories
