While Russia continues to restrict crypto payments due to legislation passed in January, the nation has no plans to completely ban trading by its citizens.
Alexey Moiseev, the Russian deputy financing minister, said he thinks citizens will continue buying and holding digital assets outside the nation on foreign exchanges without any inner-state legal action. Crypto payments within the country are currently outlawed, but Russians have been permitted to buy and trade cryptocurrencies like Bitcoin.
“Russian citizens are permitted to have a wallet open outside the Russian Federation, but if they operate within the Russian Federation, then they will be subject to bans, I think, for the entire foreseeable future, due to our financial sovereignty.”
The deputy finance minister continued that legislators still needed to clarify the meaning of blockchain technology and digital currencies in Russia’s civil code. The government has declared accepting BTC as an official currency might adversely influence the country’s financial system.
Russia’s position on the matter diverges from China’s, where economic and regulatory organizations have repeatedly issued anti-crypto statements and plans. Lately, the People’s Bank of China stated that all cryptocurrency transactions in the country were prohibited. Before that, crypto miners in several areas fled when Chinese authorities confronted their operations.
Some Russian officials have said that using digital rubles provided by the nation’s central bank would certainly not pose the same monetary threats as Bitcoin and other digital currencies. Last year, Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, claimed that a digital currency issued by the Russian Central Bank could become an essential part of nationwide negotiations by 2024.
Nathan recently got into crypto by investing in stablecoins/altcoins using an algorithmic trading strategy. Shortly thereafter, he began writing about blockchain technology and all things crypto. He has become involved in a number of crypto-related projects and continues to be passionate about all things crypto.