BUSINESS/ECONOMY | Oct 13, 2021 | WOZINGA NEWS
Russian Federation: No plans to do a blanket ban on cryptocurrency
Russian Federation still allows its citizens in purchasing and using foreign crypto wallets
Deputy Finance Minister recognized the use of blockchain technology.
By Marielle Petere Wozinga Staff
Russian Federation seems not to imitate China’s move against all cryptocurrency-related activities.
A local media outlet relayed the answer of the Deputy Finance Minister during “Digitalization of Finance Markets” at MGIMO on Tuesday.
Deputy Finance Minister Alexei Moiseev explained the current stance of Russian authorities on crypto foreign exchanges.
“Citizens can buy and use wallets outside the Russian Federation. So it will remain so, I think. There are no plans yet to change something,” Moiseev stated.
No cryptocurrency as payment
“The position now is a ban on operations with cryptocurrencies on the territory of the Russian Federation,” Moiseev pointed out.
In this case, the Deputy Finance Minister emphasized that using cryptocurrency as payment within the territory of Russia remains prohibited. He also cited the situation of Sweden and its capital city, Stockholm.
“In principle, those countries, first of all, Sweden, for example, which allowed cryptocurrencies, are now faced with the fact that national currencies are not accepted in several organizations.”
Additionally, Moiseev discussed Stockholm as a city wherein some places do not accept kroons as payment but require cryptocurrency.
According to the financial sovereignty of Russia, operating business with digital assets in the country will be subject “to bans for the entire foreseeable future.”
Russian Federation views on blockchain
Meanwhile, there are people in power in the country who openly express disagreement on cryptocurrencies and altcoins.
Like the Chief of Russia’s Central Bank, Elvira Nabiullina, who claimed: Cryptocurrency investment is too dangerous.
On the other hand, Volnoe Delo founder and billionaire Oleg Deripaska pointed out a different view on digital currencies.
In his perspective, bitcoin is a “real financial instrument.” It will help the country to be independent of foreign trade transactions.
Moreover, the Deputy Finance Minister recognized the use of blockchain technology.
“The blockchain will obviously occupy its own niche and will be used where equal rights are needed,” Moiseev said.