Russia’s Putin pitches crypto payments to African leaders

Russian President Vladimir Putin is suggesting African countries should start to settle using cryptocurrencies for the sake of their financial sovereignty.

Meeting leaders from the region, he insisted such transactions can’t be stopped and urged his colleagues to take advantage of them like his sanctioned nation.

‘No one can cut you off’ – Putin touts crypto to African guests

Blocking cryptocurrency transactions is currently impossible, the Russian head of state told leaders from Africa visiting Moscow this week.

The Kremlin strongman made the comment while touring an exhibition showcasing advanced technologies, local media reported Wednesday.

Vladimir Putin had invited the government officials to attend the event, which demonstrated Russian solutions from across various economic and social sectors.

“Digital currencies are developing all over the world – in the United States, in Russia, and elsewhere. Why shouldn’t the African continent be able to tap into this high-tech system?” he asked rhetorically.

Quoted by the business news outlets Prime and RBC, the president emphasized what he was referring to is also “a sovereign … completely independent” system that “no one can cut you off” from, elaborating:

“From the perspective of modern technology, blocking such transactions is simply impossible. It just cannot be done.”

The leaders he was addressing arrived in the Russian capital to participate in the third edition of the Russia-Africa Summit and its Economic and Humanitarian Forum held October 28-29.

Sanctions changed Moscow’s attitude towards crypto

By all indications, Putin’s Russia itself has been taking advantage of cryptocurrencies to circumvent financial restrictions in the fiat realm.

Western sanctions imposed in the past few years over Moscow’s invasion of Ukraine severely limited Russian access to traditional global finances.

The measures designed to punish the Russian Federation for the ongoing war against its neighbor affected its ability to settle with partners in foreign trade.

This gave a strong impetus for change in the previously conservative stance of Russian regulators regarding digital assets, including decentralized cryptocurrencies.

In May 2025, the Central Bank of Russia (CBR) approved the offering of crypto-based derivatives. The move laid the ground for further recognition of coins like Bitcoin and Ethereum.

In July 2026, Russia’s bicameral parliament passed a bill “On digital currencies and digital rights”, which was signed into law by President Putin in August and entered into force on September 1.

The framework legalizes crypto investment and trading. While it prohibits coin payments inside Russia, it creates conditions for wider use of cryptocurrencies in cross-border settlements.

Before it went into effect, such transactions were only possible within a narrow “experimental legal regime” under the watchful eye of the CBR and reserved for a select group of participants.

However, the new legislation allowed a broader range of entities engaged in foreign trade to legally conduct this kind of transactions with partners abroad, if they meet certain regulatory criteria.

Russia’s crypto settlements expected to grow in volume

Putin’s own evaluation of cryptocurrency has changed over time, too. In a 2021 interview, he acknowledged its potential as a means of payment and even a store of value in the future.

However, he also expressed his skepticism at the time, telling America’s CNBC network it was still premature to use it to denominate international contracts, especially in sectors like energy.

Since then, the Russian Federation has also developed its own digital ruble, the gradual launch of which began in September, too, with the CBR confirming it’s exploring options for cross-border use.

The Ministry of Finance in Moscow estimates that crypto-based foreign trade settlements accounted for 1-3% of Russia’s total volume (or around $600 billion) before the “digital currency” law took effect.

The comprehensive framework is likely to boost companies’ interest in this tool, RBC noted in its report, recalling a statement by Anatoly Aksakov, the head of the parliamentary financial market committee.