Russia Has No Plans To Ban Crypto Completely

Unlike that of China, Russian authorities had stated that the possibility of crypto being banned in its totality is not as likely, as many had speculated that the latter may end up following the former’s footsteps (when China had made cryptocurrencies completely illegal amidst the still ongoing crackdown). As such, cryptocurrency payments in Russia may currently be prohibited. However, the country’s citizens are permitted to trade and purchase various digital assets, including Bitcoin (BTC).

That being said, although the cryptocurrency payments ban is still in effect, Russian officials have said that the government does not currently intend to totally prohibit the act of crypto trading in the country. Russian cryptocurrency enthusiasts are hence thankful that the actions of the Chinese government pertaining to cryptocurrencies are, in fact, not being followed by everyone, as if that were the case, then cryptocurrency-related endeavours all over the world would surely be at risk.

Russians may buy and trade with crypto

As per a recent report, the Russian Federation’s deputy finance minister, Alexey Moiseev, reportedly stated that the nation’s citizens shall be permitted to purchase and subsequently utilize cryptocurrencies outside Russia via international exchanges and that no legal action shall be taken at home. With that being said, however, cryptocurrency payments shall continue to be banned within Russia, but it is nonetheless possible to buy different cryptocurrencies and partake in crypto trading.

Moiseev added that as of this time, Russians might open up a wallet outside of the jurisdiction of the Russian Federation. However, if crypto-oriented activities should occur inside of that jurisdiction, then the citizens will have to face potential penalties and bans. As to why these bans exist, the deputy finance minister stated that it could be primarily because of the country’s financial sovereignty.

Still, a long way to go for crypto in Russia

Moiseev had additionally said that Russian lawmakers must eventually establish a proper definition for digital currencies as well as blockchain technology as far as the country’s civil code may be concerned. The nation’s government has therefore stated that if Bitcoin were to be accepted as a currency in an official capacity, then this may adversely affect Russia’s economic and financial infrastructure.

Furthermore, the usage of a digital Ruble that would be issued via Russia’s central bank shall supposedly not be as risky as that of using Bitcoin along with various other altcoins, according to some Russian officials. To that end, Anatoly Aksakov had claimed that a Russian CBDC may, in fact, become a vital feature of the country’s national settlements latest by 2024.