Cryptocurrency adoption has been growing worldwide, and Russia is no exception. The use of cryptocurrency has skyrocketed in the country, with adoption growing as millions have turned to it for various purposes.

Ivan Chebeskov, Deputy Finance Minister of Russia, acknowledges the growth that digital assets have had and stresses that the country needs to take action regarding this phenomenon.

Quoted by the official Russian news agency TASS, Chebeskov stated:

We recognize that crypto exists – that much is clear. It took some time to reach that understanding. We have millions of citizens, by some estimates 20 million, who use cryptocurrency for various purposes.

The Bank of Russia released data on the total cryptocurrency held by Russian users, totaling 827 billion rubles ($10.15 billion) at the end of Q1 2025. These numbers represent a 27% year-over-year (YoY) increase, a testament to the growing preference of Russians for cryptocurrency options.

While there has been an explosion of different tokens taking over the cryptocurrency market, Russians prefer the classic options instead. Central bank data found that most funds are held in BTC (62.1%), followed by ETH (22%) and USDT and USDC (15.9%).

This growing adoption has officials concerned about the custody of these assets on non-sanctioned platforms, which can affect the security of the Russian funds held in these institutions. “Since they [Russian citizens] are already using it, we need our own infrastructure to protect citizens and to have both economic and technological benefits,” Chebeskov remarked.

To address this problem, Chebeskov noted that sovereign infrastructure options were already in development with the help of the Bank of Russia. “We need our own infrastructure, including for mining and everything related to cryptocurrencies,” he stressed recently, highlighting that the market was calling for these developments.

FAQ — Russia’s Growing Crypto Adoption 🇷🇺💰

• Why is cryptocurrency use growing in Russia?
  Rising interest in decentralized finance and limited access to global markets have pushed millions of Russians toward crypto use.

• Which cryptocurrency is most popular in Russia?
  Bitcoin leads the market, holding 62.1% of all crypto funds in Russian exchange wallets.

• What concerns do officials have about crypto use?
  Authorities worry about asset security and the risks of storing funds on foreign, non-sanctioned platforms.

• How is the Russian government responding to this trend?
  The Finance Ministry and Bank of Russia are developing a national crypto infrastructure to support secure, sovereign use.

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