According to a Russian economist, Moscow’s crypto adoption has played a primary role in stabilizing the ruble in recent months. A regional media outlet reported this information, citing Oleg Vyugin, a National Research University Higher School of Economics professor.

Is crypto driving Ruble adoption in Russia? 

Over the past few years, the usage of crypto has grown globally, with nations like Russia, India, and the United States heavily contributing to the wider adoption.

As per the available information, Oleg had also served as the head of the Russian Federal Financial Market Services and has also guided the Moscow Exchange as the chairman.

While speaking at a conference on investment and trading, Oleg said, “ We need to take settlement factors into account. For example, we have information that Russia uses cryptocurrency in settlements […] with China. That is, this means that there is no demand for dollars. The dollar is not needed to carry out these settlements.”

As of January 2025, around 12% of Russia’s population was involved in crypto investment, and it has heavily used digital assets for the trade of oil and other natural resources.

And in terms of crypto adoption, Russia is among the top nations with one of the highest crypto adoption rates worldwide.

However, on the other hand, Russia has continued to improve its legislation and regulations for crypto mining, and over the months, some of the known miners have migrated to the region in Russia that has cheap energy rates and availability of massive power.

Despite being optimistic about crypto mining, the Russian authorities remain dedicated to overseeing the wider digital assets sector in order to tackle the growing cases of money laundering, organized crime using crypto, and others. 

Nations like Russia and a few others have been exploring crypto as an alternative for the U.S dollar, and a few nations have already begun to use crypto for cross-border and commodities trades in order to reduce USD reliance.

Crypto market price updates 

Until publishing, the crypto market capitalization of $2.67 trillion with a slight decline of 0.61%, and the crypto fear and greed index was at 29, showing a correction from 21 recorded on April 13.

Bitcoin is exchanging hands at $84,500 with a surge of 12%, the market cap was $1.67 trillion, and the trading volume was $30.55 billion.

According to data from CoinMarketCap, the intraday gainers list has been ruled by Flare, Decentraland, Raydium, Tron, Onyxcoin, Solana, PI, Pepe, and Four.

In the same frame, the losers of the list are Mantra, JasmyCoin, Movement, Story, Ethena, EOS, Tezos, Theta Network, and Walrus.