Home News Russia has no plans to prohibit crypto outright

Russia has no plans to prohibit crypto outright


The Russian authorities do not plan to prohibit citizens from buying Bitcoin (BTC) or other cryptocurrencies on foreign exchanges. Deputy Finance Minister of the Russian Federation Alexey Moiseev stated this.

“Now I can only say that settlements [in cryptocurrency] are prohibited in the territory of the Russian Federation. At the same time, citizens can buy and use wallets outside the Russian Federation. So far, I think, it will remain so. There are no plans to change anything yet,” Moiseev said.

According to him, regulatory authorities will focus on banning the use of digital currencies as a means of payment within the country in order to avoid losing control over the money supply.

Digital financial assets

“Of course, a Russian citizen may have a wallet opened outside the Russian Federation. But it is operations within the Russian Federation that will be subject to bans. I think, for the foreseeable future, due to the fact that this is financial sovereignty,” the official added.

In the Russian Federation, the turnover of digital assets is regulated by the “digital financial assets” law. It recognizes cryptocurrencies as property and prohibits using them to pay for goods and services on the territory of the country.

The law does not apply to foreign blockchains and tokens based on them.

Crypto regulation in the Russian Federation

Earlier, Russian Duma wanted to regulate crypto mining. Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market of the Russian Federation; considered it necessary to hold discussions in order to clarify the definition of both the concept and regulation of the digital currency.

Later in October, in order to discourage “emotional” crypto purchases, the Bank of Russia intended to slow down transfers to cryptocurrency exchanges. According to Sergey Shvetsov, the Bank of Russia’s first deputy governor; this move will safeguard Russian investors from losses if the cryptocurrency market “crashes to zero.”

Representatives of the regulator are also discussing the expansion of the ban on the use of cryptocurrencies, up to the introduction of administrative and criminal liability.

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