Russia Will Not Introduce Separate Regulations for Crypto, Says Officials

According to a statement by Russia’s Deputy Finance Minister Alexei Moiseev, Russia is not planning to develop a separate set of regulations dedicated to Facebook’s eagerly awaited native crypto currency Libra. Considering how policymakers across the globe have become quite concerned about Libra, this comes as an interesting perspective on the new supposedly decentralized asset from Facebook’s stable.

Moiseev has reportedly stated that only a uniform set of rules will govern all the virtual assets in circulation, and no special rules will be imposed specifically on Libra. As he commented on the matter:

“No one is going to introduce a ban. A large number of businesses ask when it will finally be possible to legally conduct an ICO [initial coin offering] transparently. This will definitely be regulated, permitted, and that is about it…The ruble is our national currency, and all calculations must be made in it.”

As he emphasized, the use of cryptocurrencies to pay for goods and services will continue to be disallowed in the country.

This statement from the Deputy Finance Minister comes in the heels of another statement from Russian official Anatoly Aksakov, Chairman of the Russian State Duma Committee on Financial Market, who had stated that Libra would not be legalized in the country as it can be quite risky for the integrity of the Russian financial system.

Aksakov had stated that the country was not planning to introduce legislation that would provide “space for the active use of crypto tools created in the framework of open platforms, blockchains.”

Although the two statements are not really contradictory in nature, they throw some light on what the officials in Russia are thinking about the future of cryptocurrencies in the country. Even though a ban does not seem to be underway, it definitely does not seem to be looking ahead to a bright future.