No bans? Russia does not want to follow in China’s footsteps

Russia does not plan to follow in China’s footsteps and completely ban cryptocurrencies, says Deputy Finance Minister Alexey Moiseev.

In Russia, a law is still in force that de facto forbids payments via cryptocurrency. This has been in effect since January. Nevertheless, there are currently no plans in the country to completely ban crypto trading. This comes from a report the local news agency Interfax from October 12th. Alexey Moiseev, Deputy Minister of Finance of the Russian Federation, comments on it.

Moiseev believes that Russian citizens will continue to be allowed to buy and use cryptocurrencies on foreign exchanges. They would not have to reckon with any legal consequences as a result. Only crypto payments in Russia itself are currently banned. The purchase of cryptocurrencies such as Bitcoin (BTC) and others remains allowed.

Russian citizens can open a wallet outside of the Russian Federation. But if they operate within Russia, they will likely be banned for the foreseeable future due to our financial sovereignty

is Moiseev’s assessment.

At the same time, the deputy head of the Ministry of Finance pointed out that both the civil code and the relevant laws must define many new financial terms. This includes the digital currency and a lot of information transmitted via the blockchain.

Blockchain will clearly occupy a niche and be used where equality is required

the minister continues.

Russia is considering digital rubles

Moiseev is not alone in this opinion. Some Russian officials have meanwhile brought into play the use of a digital ruble issued by the Russian central bank. This would not involve the same financial risks as BTC and other cryptocurrencies. Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets in Russia, is of this opinion. He said last year that a digital currency from the Russian central bank could become an integral part of national settlements by 2024.

So in Russia, despite the enormous restrictions, you are not where far as in China. Since September, foreign exchanges have been banned from offering services for the purchase of cryptocurrencies in the country. Since this spring, the country has also been consistently taking action against the mining of cryptocurrencies. In the same breath, a number of European countries and the US have partially lifted restrictions on the use of cryptocurrencies as a financial instrument. In Sweden in particular, the use of cryptocurrencies is permitted by the authorities. Your purchase will be treated as an asset transaction by the government – in strict compliance with anti-money laundering legislation.

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