Cryptocurrency Russian foreign trade settlements approached $12 billion in the first half, according to a Kremlin business advisor.
Representatives of the Russian President are convinced that cryptocurrency is catching up with gold in terms of stability and is no longer a niche phenomenon.
Kremlin officials compare cryptocurrency with gold
Cryptocurrencies like Bitcoin are no longer niche assets and are already as stable as gold, said Boris Titov, commissioner for protecting entrepreneurs’ rights under the president of the Russian Federation.
Titov, cited on the Gazeta.ru website, highlights the capitalization of Crypto Market has reached $4 trillion, pointing out that this is greater than the economies of several European countries.
He also pointed out that 650 million people around the world now have crypto-holders. The arrival of institutional investors changed the nature of the market, he added, adding that disciplined strategies have replaced retail speculation.
Speaking at the Crypto Summit 2025 Forum in Moscow this week, Titov said:
“Volatility is declining, so is the case with excessive returns. But it’s growing confidence among millions of investors.”
Kremlin officials believe this trend is also linked to the symbiosis between cryptocurrency mining and computing services for artificial intelligence (AI) applications and big data processing.
Coin-building facilities, often idle during the slump of the Crypto market, are increasingly being used for other complicated calculations, Titov explained.
“Mining is already creating large infrastructure that can be reused for AI tasks,” he elaborated, recalling that the market is projected to grow to $100 billion by 2030.
Russia’s encrypted trade reached 1 trillion rubles in 2025
In his speech, Boris Titov recalled that just a decade ago, central banks viewed cryptocurrency as an illegal and speculative tool. But today they are recognized as a promising segment that simply requires regulation.
In his view, Russia took a strategic stance in that regard by adopting the necessary laws, introducing corporate registrations, and creating a tax system.
The results are already visible, and Putin’s aide is certain. According to estimates he cited, Russian foreign trade transactions using cryptocurrency for settlement reached 1 trillion rubles (almost $12 billion) in the first half of 2025.
Titov suggests that by using its own digital rubles and global crypto infrastructure, Russia can create alternative international payment systems. He also said:
“The combination of private crypto assets and central bank digital currencies is a historic opportunity to build a financial system independent of sanctions pressures.”
Despite Boris Titov’s enthusiasm, Russia has yet to comprehensively regulate cryptocurrency and operations. Mining is the only mining industry that is fully recognized as a legal activity.
The Russian Central Bank has maintained strong opposition to allowing encryption or other coin transactions within the country, but has agreed to allow the use of Bitcoin and other such as for international settlements.
This is only valid within the “experimental legal regime” that bypasses the financial restrictions imposed by the West over Moscow’s Ukrainian invasion and helps Russian companies trade with foreign partners in cryptocurrency.
The same arrangement allows a limited number of “highly qualified” investors to access decentralized digital assets and crypto derivatives. However, these remain out of reach for ordinary Russians. The Treasury has recently called for increased access to Crypto for investors.
In general, the Russian Ministry of Finance has a more liberal view. During the same crypto event in the Russian capital, its vice-president Ivan Chebeskov urged a comprehensive national strategy of digital assets that allows Russia to use cryptocurrencies to develop its economy.
Domestic, the Russian government is taking steps to curb cryptocurrency activities. Because legal currency is prohibited by law, we use something other than the Russian ruble and immediately use the digital version. A series of recent legislative reforms allegedly targeting financial fraud have actually affected crypto transactions as well.
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