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2021-10-13

Will crypto laws in Russia be stricter?

While Russia continues to enforce a ban on cryptocurrency payments under a law that went into effect in January, the country has no current plans to ban the trade completely for its citizens.

 

According to a report by local news agency Interfax on October 12, Alexei Moiseyev, deputy finance minister of the Russian Federation, said that he believes Russian citizens will still be able to buy and use cryptocurrencies outside of the country on foreign exchanges without the threat of legal action at home. Cryptocurrency payments are currently banned in the country, but Russians have been able to buy and trade cryptocurrencies such as Bitcoin ( BTC ).

 

"Russian citizens can have an open wallet outside the Russian Federation, but if they operate within the Russian Federation, I think they will be subject to bans for the foreseeable future because of our financial sovereignty", Moiseev said.

 

The deputy finance minister added that lawmakers still need to properly define digital currencies and blockchain technology in the Russian Civil Code. The Russian government claims that the acceptance of Bitcoin as an official currency could negatively affect the country's financial and economic system.

 

Russia's position differs from that of China, where financial and regulatory institutions have repeatedly issued anti-crypto statements and policies. Recently, the People's Bank of China announced that all cryptocurrency transactions in the country are illegal, and previously miners in several provinces fled when faced with their activities.