Russian Deputy Finance Minister: Will not completely ban cryptocurrency, will not follow in China's footsteps

According to local Russian media reports on the 12th, Russian Deputy Finance Minister Alexey Moiseev stated that Russia does not intend to follow China's approach of completely cracking down on cryptocurrencies by banning citizens from purchasing cryptocurrencies on the foreign exchange market. He believes that the policy will allow Russian citizens to continue buying and using cryptocurrencies in foreign exchange transactions abroad without any threat.

According to local Russian media reports on the 12th, Russian Deputy Finance Minister Alexey Moiseev stated that Russia does not intend to follow China's approach of cracking down on cryptocurrency, banning citizens from purchasing cryptocurrency in the foreign exchange market. He believes that the policy will allow Russian citizens to continue buying and using cryptocurrency in foreign exchange transactions without threat.

Currently, Russia prohibits cryptocurrency payments, but people are allowed to purchase and trade cryptocurrencies such as Bitcoin. Alexey Moiseev confidently told the media, "Citizens can buy and use wallets outside the Russian Federation, and I think this will remain unchanged because there are no plans to change the current situation."

Alexey Moiseev mentioned that Russian citizens can set up a wallet outside the Russian Federation, but if they establish this cryptocurrency wallet within the Russian Federation, it is likely to be banned in the future.

As the Russian government claims that accepting Bitcoin as an official currency could have a negative impact on the national financial and economic system, Alexey Moiseev believes that, from a legislative perspective, it is still necessary to determine the status of digital currency and blockchain technology in the Russian Civil Code.

Russia's stance on cryptocurrency sharply contrasts with that of China. However, at the same time, Russia has a clear direction on issuing central bank digital currency, as officials from the Ministry of Finance believe that unlike Bitcoin and other cryptocurrencies, the digital ruble will not pose financial risks. By 2024 at the earliest, the digital ruble may become an indispensable part of the country's national settlement.

This article is authorized and reprinted from Horizon News Network