We all know that the cryptocurrency policy in China is not very friendly. Rather, China is one of the countries most hostile to cryptocurrencies, if not the most hostile of all, and is currently focusing on the official launch of its digital national currency. But what is Russia’s position in the same case? It was this country that has long been considered another country that will follow a similar stance as aforementioned China. Most recently, however, we have learned directly from the Deputy Minister of Finance that the country does not plan to follow China’s action on cryptocurrencies, which brings more light to this issue.
According to the latest report published by the Russian daily Interfax, Deputy Foreign Minister Alexei V. Moiseev, who is the Deputy Minister of Finance of the Russian Federation, told the media that citizens could use crypto wallets belonging to foreign intermediaries, which surprised and reassured many. With this move, Russia has made it clear that it does not plan to follow a similar path as China, which wants to completely deny its citizens access to any services providing the purchase or sale of cryptocurrencies.
However, it should be clearly mentioned that the Russian Federation will not lift the ban on the use of cryptocurrencies on its territory, as confirmed by A. Moiseev in a recent lecture on the digitization of financial markets. This ban still applies and the country does not plan to change it. During the debate, MEP also commented on the need to define many new financial terms in the Civil Code, such as digital currency or blockchain.