Although Russia continues to enforce the ban on cryptocurrency payments under a law that went into effect in January, the country currently has no plans to completely ban its citizens from trading.
According to a statement by local Interfax news agency on October 12, Alexey Moiseev, Deputy Minister of Finance of the Russian Federation, said he believes Russian citizens can continue to buy and use cryptocurrencies outside the country in foreign currency without the threat of legal action in the country. Cryptocurrency payments are currently banned within the country, but Russians are allowed to buy and trade cryptocurrencies such as Bitcoin (BTC).
“Russian citizens may have an open wallet outside of the Russian Federation, but if they operate inside the Russian Federation, I believe they will be banned for the foreseeable future due to our financial sovereignty.” said Moiseyev.
The Deputy Finance Minister added that lawmakers have yet to properly define digital currencies and blockchain technology in the Russian Civil Code. The Russian government has claimed that the acceptance of Bitcoin as the official currency could negatively affect the country’s financial and economic system.
Russia’s position contrasts with China, where financial and regulatory institutions have repeatedly issued statements and guidelines against crypto assets. Recently, the People’s Bank of China stated that all cryptocurrency transactions in the country are illegal. and before that, miners from different provinces fled when faced with the suppression of their operations.
However, some Russian officials have claimed that using a digital ruble issued by the country’s central bank would not pose the same financial risks as BTC and other cryptocurrencies. Anatoly Aksakov, Chairman of the Financial Markets Committee of the Russian State Duma said last year that a The digital currency of the Russian central bank could become an essential part of national payments in 2024.