Russia's Deputy Finance Minister hints nation may allow for crypto trading

23 Jun, 2019
by David Borman
Russia's Deputy Finance Minister hints nation may allow for crypto trading

It is being reported by CryptoGlobe that Russia's Deputy Minister of Finance Alexei Moiseyev has hinted at the possibility that the nation may eventually allow for cryptocurrency trading, which is currently illegal in the nation. Payment with crypto is unlikely to be approved, however.

Apparently, on June 21st Moiseyev told jounralists about a bill that was currently circulating within the Russian Federation. Though nothing has been decided, he implied the bill may allow for at least some trading of cryptocurrencies. Moiseyev elaborated on the debate:

"We now have a question of determining how much cryptocurrency can be used. There is a range from prohibition to the possibility of purchase. Like foreign currency, it’s possible to buy and sell, but it’s impossible to pay. After a political decision is made on this issue, we will have the responsibility."

The observation that crypto could be seen as foreign currency and treated similarly, as in citizens can buy and sell these assets but not use them for everyday purchases.

Russia is well known for its hardline stance on crypto, as it has come out before and stated that it has no intention to legalize Facebook's Libra. Will we see a slightly softer stance on crypto in the future? Stick with Chepicap for all updates!

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