Russia May Force Exporters to Convert Crypto Earnings to Rubles
Moscow’s finance ministry signaled it may soon require Russian exporters that receive cryptocurrency to convert those earnings into the national currency, and said a long‑awaited bill to regulate the country’s crypto market will be submitted to parliament next week. The announcement frames the policy as a way to increase oversight of crypto flows and support ruble demand after years of informal crypto use for cross‑border receipts.
If adopted, the measure could push businesses and exchanges to limit on‑balance crypto holdings and accelerate on‑shore conversions, altering liquidity dynamics for spot, P2P and local exchange markets. Key details on scope, timing and enforcement are still unclear, so firms and service providers are watching the draft bill closely; for traders and exporters the proposal signals tighter state control and a potential shift in how digital assets are used for payments and settlement.