Russia Won’t Ban Crypto After All

A Russian senior finance officer stated on Tuesday that Russia wouldn’t follow in the footsteps of China, meaning the country is not considering a comprehensive blockchain and Bitcoin ban. Russia has no plans to prohibit crypto trading in the foreign exchange market either.

Financial Sovereignty at Its Best

Minister Alexei Moiseyev stated in an interview that Russian authorities will still keep the ban on cryptocurrencies as a form of payment within the country, which helps control the supply of domestic currency.

However, Russian authorities will continue to allow their citizens to buy and trade digital assets in foreign exchanges.

Moiseyev stated that a Russian citizen could own a wallet that’s opened outside of Russia but that all operations inside the country will remain a subject of bans for the foreseeable future.

Additionally, the Duma Financial Market Committee of Russia also considered restrictions on unqualified investors in digital assets to regulate the transactions.

Back in July, the Bank of Russia issued a statement related to the country’s stock exchange. In the statement, it said that crypto assets wouldn’t be listed.

What’s more, the Prosecutor General of the Russian Federation, Igor Krasnov, said that Russian authorities are working on legislative amendments that will arrange the confiscation of illegal digital assets.