Russia will not follow China’s course and has no plans to ban its citizens from buying cryptocurrencies on foreign exchanges, a senior government official said. Russians will not be able to pay with digital coins in their own country, but are free to use crypto wallets beyond its borders.
Russians can buy cryptocurrencies on foreign exchanges
Unlike the Chinese government, authorities in Moscow do not intend to impose restrictions on the purchase of cryptocurrency on overseas-based digital asset exchanges, a statement by the deputy minister revealed. Russian Finance Minister Alexey Moiseev. Speaking to reporters this week, he noted that cryptocurrency settlements are banned in the country, but explained:
At the same time, citizens can buy [cryptocurrencies] and use wallets outside the Russian Federation. It will remain so, I think. There are no plans to change anything yet.
Tuesday, during a conference devoted to the digitization of financial markets at the Moscow State Institute of International Relations (MGIMO), Moiseev reiterated that Russia will not allow the use of cryptocurrency as a means of payment in the country. Quoted by Interfax, the government official said:
The position is now to prohibit operations with cryptocurrencies on the territory of the Russian Federation.
Responding to questions from students, he pointed out that allowing crypto payments could lead to a loss of control over the money supply and insisted that the issue boils down to financial sovereignty. Nonetheless, Alexey Moiseev added that regardless of the ban, Russians can have a cryptocurrency wallet outside the country.
The deputy finance minister also pointed out that many new financial terms, such as digital currency and blockchain information, will need to be defined in the Russian Civil Code and other relevant laws. He further clarified:
Blockchain will obviously occupy its own niche and be used where equal rights are needed.
However, Moiseev’s comments come after the statement last week by the head of the Parliamentary Committee on Financial Markets, Anatoly Aksakov, who revealed that Russian lawmakers are considering legal restrictions on the amount of money that unqualified investors will be authorized to invest in crypto assets. Aksakov believes the measures are necessary to protect private investors in Russia, as cryptocurrencies attract billions of dollars around the world.
Do you think Russia will maintain its current policy regarding crypto purchases on foreign exchanges? Tell us in the comments section below.
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