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Russia has no plans to ban bitcoin like China, says Finance Minister

The Deputy Minister of Finance of largest country in territory and one of the nations that has had the most contradictions in relation to cryptocurrencies (Russia), Alexey Moiseev, stated that the Russian Federation has no intention of imposing a total ban on cryptocurrencies.

Russia has no plans to ban bitcoin like China, says Finance Minister

Russia has no plans to ban bitcoin like China, says Finance Minister

The government does not intend to prohibit the purchase of digital assets by citizens in foreign trade venues, the nation’s deputy finance minister clarified. However, cryptocurrencies are still prohibited as a payment method within the borders of Russia.

According to Russian media, Moiseev said verbatim:

“At the same time, citizens can buy (cryptocurrencies) and use wallets outside of the Russian Federation. Then it will continue to be, I think. There are no plans to change anything. “

But this response is not to claim victory, given that if local investors trade digital assets within Russia, “they will be subject to bans for the entire foreseeable future” due to the country’s financial sovereignty, Moiseev added.

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The deputy minister also noted that the government will not change its stance towards digital assets as a means of payment. They will remain prohibited, as the reverse could mean a loss of control behind the money supply.

Contrary to most of the Russian politicians who criticized the cryptocurrency industry and everything related to it, Moiseev believes that Blockchain technology could be part of the future financial network. In this regard he said:

“The blockchain will obviously occupy its own niche and will be used where equal rights are needed.”

Meanwhile, China has a total ban on cryptocurrencies and the United States is seeking to regulate digital assets rather than ban them altogether.

But there doesn’t seem to be much consensus for greater regulation or openness in Russia, given that most Russian politicians and officials have criticized Bitcoin and altcoins.

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