Russia Has No Plans to Completely Prohibit Crypto Trading

The Russian Federation is not a crypto-friendly country, as it continues to enforce a ban on cryptocurrency as part of a law which took effect in January. Nonetheless, the Russian government has no plans at this time to completely prohibit crypto trading for its citizens.

The country’s deputy finance minister expressed his opinion regarding the crypto industry. Alexey Moiseev thinks that Russian citizens will continue to be allowed to buy and use cryptocurrencies outside the country on foreign exchanges, without a threat of legal action at home. Currently, crypto payments in the Russian Federation are banned. But people have the ability to purchase as well as trade cryptocurrencies like Bitcoin.

Citizens of the Russian Federation can have a wallet outside of the country. However, if they operate within the country then they will be subject to bans according to Moiseev.

The Russian Federation’s position stands in contrast to that of China. Authorities in China repeatedly issued anti-crypto statements as well as policies. Recently, the country’s central bank declared that all crypto transactions in the country were illegal. China was a crypto mining hub, however, the government decisions forced crypto mining companies to leave the country. Some of them moved to the U.S. and the U.S. has the potential to become a major mining hub.

In September, the country’s government reiterated its position regarding Bitcoin. Dmitriy Peskov claimed that the country has no reason to recognize Bitcoin as legal tender. Vladimir Putin’s representative made it clear that Russia is not ready to endorse Bitcoin.

The Russian Federation officially banned crypto payments in the country as part of the country’s major crypto law in January 2021. The law “On Digital Financial Assets” does not prohibit Russians from purchasing or trading cryptocurrencies like Bitcoin.

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