Russian senior finance officer Tuesday stated the federal government of Russia will not follow China’s total ban on cryptocurrency and Russia has no plans to ban citizens from cryptocurrencies trading within the overseas exchange market, based on local media studies.
Talking in an interview, Russian Deputy Finance Minister Alexei Moiseyev stated that the Russian authorities would proceed to ban cryptocurrency as a method of payment, considering the problem of controlling the availability of domestic currency, Russian media Interfax reported on Oct 12, Tuesday.
Nonetheless, Moiseyev noted that the Russian authorities would proceed to permit Russians to purchase and commerce digital assets reminiscent of Bitcoin and use cryptocurrencies in overseas exchange transactions.
The Deputy Minister of Finance Moiseev stated:
“A Russian citizen can have a wallet open exterior the Russian Federation, however it’s operations throughout the Russian Federation that they are going to be subject to bans, I think, for the whole foreseeable future, on account of the truth that this is financial sovereignty.”
Last week, the Duma Financial Market Committee of Russia additionally considered legislative restrictions on a collection of unqualified traders investing in cryptocurrencies and crypto-assets to regulate transactions to guard traders.
Anatoly Aksakov, Chairman of the Duma Financial Market Committee, stated:
“We have to prescribe in the laws the norms that can shield an unqualified investor in ill-considered investments in digital currencies“
On July 22, the Bank of Russia issued a notice and statement instructing the nation’s inventory exchanges to not list investment products associated with cryptocurrency prices
Prosecutor Normal of the Russian Federation Igor Krasnov stated that Russian authorities are getting ready for legislative amendments to law enforcement agencies’ confiscation of illegal digital assets on July 7.
Last month, the Chinese government again stepped up its suppression of cryptocurrency transactions, and the Chinese central bank stated that all cryptocurrency-related transactions are illegal.
Previous to the crackdowns, crypto miners across China fled before and after their operations were hit, Bitmain mining firm, recently reported.
Source: Blockchain News