Russia Gives Crypto Trading Permit
Russia doesn't plan to follow China's lead by banning crypto. Crypto payments in the country are currently still prohibited, but Russian citizens have been allowed to buy and trade digital assets such as Bitcoin.
According to a report on October 12 from local news agency Interfax, Alexey Moiseev, the deputy finance minister of the Russian Federation confirmed that Russian citizens will continue to be allowed to buy and use cryptocurrencies.
“Russian citizens can open their wallets outside the Russian Federation, but if they operate within the Russian Federation then they will be subject to a ban, I think, for the entire future, because of our financial sovereignty,” Moiseev said.
Moiseev also explained that MPs are still in the process of defining digital currency and blockchain technology in detail that is matched to the Russian civil code.
The Russian government has claimed that accepting Bitcoin as the official currency will have a negative impact on the country's financial and economic system.
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But Russia's position is different from that of China, where financial and regulatory institutions have repeatedly issued anti-crypto statements and policies.
Recently, the People's Bank of China declared all crypto transactions in the country illegal, prompting miners in several provinces to flee in the face of a crackdown on their operations.
However, Russian officials have discussed and claim the use of digital rubles issued by the country's central bank will not pose the same financial risks as BTC and other cryptocurrencies.
Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, has even said since last year that Russia's central bank digital currency could become an integral part of the national settlement by 2024.
Even so, Dmitry Peskov, the official representative of the Russian President, claims that Russia currently has no reason to recognize Bitcoin as a legal tender.
Peskov argues that placing cryptocurrencies like Bitcoin will go hand in hand with traditional money instruments and will bring nothing but harm to the country's financial system and economy.
"Obviously, Russia is not ready for such a step," Peskov stressed.
Russia has officially banned cryptocurrency payments and established it as the country's main crypto law, "On Digital Financial Assets," in January 2021.
But again, the law does not prohibit Russians from buying or trading cryptocurrencies like Bitcoin.
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