Russia has no plans to align with China’s footsteps of banning Crypto outright

October 13, 2021

Russia has no plans to align with Chinas footsteps of banning Crypto outright

With the enforcement of the ban on cryptocurrency payment with effect from January, the Russian Federation still does not plan to restrict crypto trading completely. As per the recent reports from the local news agency, Interfax, the deputy finance minister of the Russian Federation, Alexey Moissey clarifies that citizens can continue to buy and trade cryptocurrencies on foreign exchanges. Thus, trading digital currencies and having wallets open outside the country will not attract any legal charge on citizens.

Furthermore, Alexey Moissey added that lawmakers are yet to properly define the civil code for Cryptocurrencies and blockchain technology in the country. With the decision, the Russian Government aims to avoid the impacts of digital assets on the financial sovereignty of the Russian Federation. Though Russia and China share a common outlook and concern towards their domestic currencies yet Russia’s approach stands in contrast with that of China.

With the multiple policy statements, China has declared the ban on crypto transactions and made them illegal whereas the Russian officials claim that the use of digital assets won’t pose the same financial risk on the citizens. Moreover, the Russian state Duma Committee has indicated that Russian central bank digital currency can become an essential part of the national settlement in the next two years (by 2024). Thus, the country does not aim to completely ban crypto transactions presently as there are several regulations to be issued on the same.

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