Russia will not follow China’s course and does not plan to ban its citizens from buying cryptocurrencies in foreign exchange, a senior government official has indicated. Russians will not be able to pay with digital coins in their own country, but they are free to use crypto wallets outside of their borders.
Russians can buy cryptocurrencies in foreign exchange
Unlike the Chinese government, Moscow authorities do not intend to restrict purchases of cryptocurrencies on foreign-based digital asset exchanges, according to a statement by Russian Deputy Finance Minister Alexey Moiseev. Speaking to reporters this week, he noted that cryptocurrency settlements are banned in the country, but stated:
Citizens can buy at the same time [cryptocurrencies] and use wallets outside of the Russian Federation. It will stay that way, I think. There are no plans to change anything yet.
On Tuesday, during a lecture on the digitization of financial markets at the Moscow State Institute for International Relations (MGIMO), Moiseev reiterated that Russia would not allow the use of cryptocurrency as a means of payment in the country. Quoted by Interfax, the government official said:
The position now is to ban operations with cryptocurrencies on the territory of the Russian Federation.
Answering questions from students, he pointed out that allowing crypto payments could result in loss of control over the money supply and insisted that it was about financial sovereignty. Still, Alexey Moiseev added that regardless of the ban, Russians can have a cryptocurrency wallet outside of the country.
The Deputy Finance Minister also stressed that many new financial terms such as digital currency and blockchain information need to be defined in the Russian Civil Code and other relevant laws. He continued:
Blockchain will obviously occupy its own niche and be used where equality is required.
Moiseev’s comments, however, come after the statement by the chairman of the parliamentary financial markets committee, Anatoly Aksakov, last week, who revealed that Russian lawmakers are considering legal restrictions on the amount of money that unskilled investors are allowed to invest in crypto-assets. Aksakov believes the measures to protect private investors are needed in Russia as cryptocurrencies attract billions of dollars around the world.
Do you think Russia will maintain its current policy on crypto forex purchases? Let us know in the comments section below.
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