Money, like water, always finds a way through even the strongest dams. On July 8, the State Duma Committee on the Financial Market prepared the "Digital Currency and Digital Rights" bill for its second reading, expanding the list of circumstances under which cryptocurrency may be used for domestic payments.
The initial draft only exempted mining rewards and foreign trade contracts. The scope has now been expanded to include payments for securities (outside of public offerings), cryptocurrency exchanges, and blockchain system fees. The effective date for the main provisions has been shifted from July 1 to September 1, 2026, while certain restrictions have been pushed back to 2027.
These changes represent more than mere technical adjustments. For several years, Russia has been seeking tools to circumvent sanctions that have severed its banks from SWIFT. Cryptocurrency is emerging as one such channel, offering a framework of legal intermediaries, licensing, and Central Bank oversight while enabling transactions that would otherwise be blocked.
For the average person, this shift means the gray market is slowly turning legitimate. While buying and selling digital assets through verified platforms will become easier, it will also be more transparent, as every transaction will be visible to regulators. Those accustomed to anonymous P2P deals will face increasing pressure, as organizing illegal exchanges will carry criminal penalties starting in 2027.
Various interests are converging here: the state seeks control and tax revenue, businesses require access to international settlements, and citizens want to protect and grow their savings amidst instability. As the old proverb goes, "where there is a fence, there is a loophole."
Ultimately, the law does not lift the ban on domestic crypto payments but rather makes it more flexible. Money will continue to find its way, but now a portion of it will flow through official channels.
