Russia to Enforce Crypto Payment Fines up to $13,000 in 2026

- Steep penalties target cryptocurrency payments to uphold the ruble’s legal status. - Legislation allows asset confiscation for non-compliance. Starting in 2026, the Russian government will impose significant fines on citizens who use cryptocurrencies for payments in an effort to reinforce the ruble as the country’s sole legal tender. This announcement follows years of increasing government regulation, which included a 2021 ban on cryptocurrency payments. According to reports from Izvestia and Cryptopolitan on July 21, 2025, the new legislation proposes fines for individuals ranging from 100,000 to 200,000 rubles (approximately $1,300 to $2,600). For businesses, the penalties will be between 700,000 and 1 million rubles (around $9,200 to $13,000). Additionally, the law grants the government authority to confiscate digital assets involved in unauthorized payment activities. The Bank of Russia and the Ministry of Finance co-authored the bill to resolve ambiguities in existing cryptocurrency laws. Consequently, the government is imposing these penalties to curb the rising use of crypto for salaries and cross-border payments, a practice that has persisted despite an earlier ban. This initiative underscores Russia's commitment to maintaining the ruble's exclusive status as legal tender. While the law primarily targets domestic cryptocurrency payments, the Russian government continues to explore frameworks for using crypto in international trade settlements as part of its strategy to navigate ongoing Western sanctions. Outside of these payment restrictions, however, cryptocurrency ownership, mining, buying, and selling remain lawful activities. According to the latest data, Bitcoin (BTC) was trading at $118,013.71 as of 17:09 UTC on July 21. This price reflects a 0.303% decrease over the previous 24 hours.