Law and Legislation

Russia Has No Plans To Completely Ban Cryptocurrencies – Report.

Although crypto payments are now prohibited in Russia, Russians are permitted to purchase and trade digital products such as Bitcoin.

Russia has no intentions to explicitly restrict cryptocurrency trade with its citizens, despite a rule that went into effect in January.

According to a report by local news agency Interfax on Tuesday, Russia’s deputy finance minister, Alexey Moiseev, believes Russian residents would continue to be able to buy and use foreign cash without fear of legal repercussions at home. Although cryptocurrency payments are now prohibited in Russia, Russians are permitted to buy and trade cryptocurrencies such as Bitcoin (BTC).

“Russian nationals can have an open fund outside of the Russian Federation, but if they operate within the Russian Federation, I believe they will be prohibited for the foreseeable future due to our financial monarchy,” Moiseev stated.

The Deputy Minister of Finance went on to say that lawmakers still need to define digital currencies and blockchain technologies adequately under Russian legislation. Accepting Bitcoin as genuine money, according to the Russian authorities, could have a severe impact on the financial and economic system.

Russia’s stance contrasts sharply with China’s, where financial and regulatory agencies have issued anti-crypto pronouncements and measures on numerous occasions. The People’s Bank of China recently deemed all cryptocurrency transactions in the country illegally, and miners in numerous provinces have previously fled due to a crackdown on their operations.

Some Russian officials, however, claim that using a digital ruble issued by the central bank will not pose the same financial concerns as using Bitcoin or other cryptocurrencies. Last year, Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, said that by 2024, Russia’s digital banking currency would be a standard element of national residences.

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