russians wont ban crypto -

Moscow Won’t Ban Russians From Purchasing Crypto Abroad

Russia will not follow China’s lead and won’t ban its citizens buying cryptocurrency on foreign exchanges. This was confirmed by a top-ranking official in the Russian government. Russians won’t be allowed to pay for digital coins in Russia, but they can use crypto wallets outside their country.

Russians Allowed to Buy Cryptocurrencies on Foreign Exchanges

According to Alexey Moiseev, Russia’s deputy minister for finance, Moscow authorities do not plan to place restrictions on the purchase cryptocurrency from digital asset exchanges located abroad. This is contrary to the Chinese government. He explained that although settlements in cryptocurrency were prohibited in Russia, he acknowledged this to reporters.

At the same time, citizens can buy [cryptocurrencies] and use wallets outside the Russian Federation. It will remain so, I think. There are no plans to change anything yet.

Moiseev stated that Russia would not allow cryptocurrency to use as a payment method within Russia on Tuesday during a lecture at the Moscow State Institute of International Relations. Interfax quoted the official as saying:

The position now is to ban operations with cryptocurrencies on the territory of the Russian Federation.

Responding to questions from students, he said that crypto payments could cause loss of control over the money supply. He also stressed that financial sovereignty is what matters. Alexey Moiseev said that Russians can still have a cryptocurrency wallet in another country, regardless of the ban.

He also stressed that new financial terms such as digital currency or blockchain information will need to be defined in Russia’s Civil Code and other applicable laws. He elaborated further:

Blockchain will obviously occupy its own niche and will be used where equal rights are needed.

Moiseev’s remarks come following last week’s statement from Anatoly Aksakov (head of the parliamentary Financial Market Committee), in which he revealed that Russian lawmakers are looking at legal restrictions to limit the amount of money that non-qualified investors can put into crypto assets. These measures are necessary to protect Russian private investors as cryptocurrencies have attracted billions of dollars worldwide.