Cryptocurrency News

Russia will not ban Bitcoin says deputy finance minister

  • Russia's deputy finance minister has stressed that Russian Federation has no intention of imposing a total crypto ban
  • The deputy minister also noted that the government would not change its stance on digital assets as a means of payment
  • However, some Russian officials have claimed that using a digital ruble issued by the country's central bank does not pose the same financial risks

Russia’s deputy finance minister has stressed that Russian Federation has no intention of imposing a total crypto ban.

Russia has no plan to ban cryptocurrency trading

According to a local report, Russian Deputy Finance Minister Alexey Moiseev said that the Russian Federation has no plans to ban cryptocurrency trading on foreign platforms completely. He stated, “At the same time, citizens can buy (cryptocurrencies) and use wallets outside the Russian Federation. This will remain the same, I think. There are no plans to change something.”

The deputy minister also noted that the government would not change its stance on digital assets as a means of payment. However, if domestic investors operate with digital assets inside Russia, they will be “subject to bans for the entire foreseeable future” due to the country’s financial sovereignty, Moiseev added. They will remain banned, as the opposite approach could mean a loss of control over the money supply.

However, some Russian officials have claimed that using a digital ruble issued by the country’s central bank does not pose the same financial risks as Bitcoin and other cryptocurrencies. Anatoly Aksakov, chairman of Russia’s State Duma Committee on Financial Markets, said last year that a digital currency issued by Russia’s central bank could become a permanent part of national payments by 2024.

Russia is divided about cryptocurrencies

Just like the head of the Central Bank of Russia – Elvira Nabiullina – who said that investing in digital assets is the most dangerous investment strategy. Her colleague – Sergey Shvetsov – went even further, stating that trading in Bitcoin is equivalent to the risks of a minefield. The billionaire and founder of Russia’s largest Russian charitable foundation Oleg Derispaska is not agreeing with this

The billionaire and founder of the largest Russian charitable foundation Volnoe Delo – criticized the crypto stance of the Bank of Russia. He said the country should not abandon bitcoin but adopt it as a means of payment, citing El Salvador as an example: “Even poor El Salvador has realized the need for digital currencies and has taken a simple path by recognizing bitcoin as a means of payment.” Deripaska believes that Russia could conduct business with the rest of the world more effectively this way, as bitcoin is a “real financial instrument that allows independence in foreign trade settlements.”

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