According to an Oct. 12 report from local news agency Interfax, Alexey Moiseev, the deputy finance minister of the Russian Federation said that Russia is not out to ban crypto like China.
As part of a legislation that went into effect in January, Russia continues to impose a prohibition on cryptocurrency payments; nevertheless, the nation has no intentions to entirely outlaw cryptocurrency trade among its people at this time.
The deputy finance minister of the Russian Federation, Alexey Moiseev, stated on October 12 that he believes Russian citizens will continue to be able to buy and use cryptocurrencies on foreign exchanges outside of the country without fear of legal repercussions at home, according to a report by the local news agency Interfax.
Although cryptocurrency payments are presently prohibited in the nation, Russians have been granted the right to acquire and trade cryptocurrencies such as Bitcoin and Ethereum (BTC).
According to Moiseev, “Russian people can have a wallet open outside the Russian Federation, but if they operate within the Russian Federation, they will be subject to prohibitions for the foreseeable future, I believe, as a result of our fiscal sovereignty.”
Furthermore, Russia’s deputy finance minister stated that lawmakers must work to correctly describe digital currencies and blockchain technology in Russia’s civil code, which is now in draft form. Russia’s government has asserted that adopting Bitcoin as an official currency would have a detrimental impact on the country’s financial and economic infrastructure.
Russia’s stance contrasts sharply with that of China, whose banking and regulatory agencies have made anti-crypto comments and measures on a consistent basis since 2014.
Following a crackdown on cryptocurrency transactions in the nation, the People’s Bank of China declared all cryptocurrency transactions in the country unlawful. Prior to that, miners in many provinces left when faced with a crackdown on their activities.
Russian officials, on the other hand, have asserted that the usage of a digital ruble issued by the country’s central bank would not carry the same financial dangers as the use of bitcoin and other cryptocurrencies.
By 2024, Anatoly Aksakov, head of the Committee on Finance of the Russian State Duma, predicted that a digital currency issued by the Russian central bank will be an essential element of national settlements, which he stated in 2017.
