The Russian Ministry of Finance does not completely ban cryptocurrencies

The Russian Ministry of Finance does not completely ban cryptocurrencies


China and Turkey made headlines recently after authorities in these two countries announced nationwide crackdowns on cryptocurrencies.

According to a report published yesterday by the local Russian news agency InterfaxAnd Russian Deputy Finance Minister Alexei Moiseev has confirmed that users will not be restricted from buying and selling cryptocurrencies on foreign exchange platforms. However, he clarified that the ban on the use of cryptocurrencies for payments will remain unchanged. Russia had already put in place regulations last July banning the use of cryptocurrencies to pay for goods and services.

“At the moment, I can say that cryptocurrency settlements are prohibited. At the same time, citizens can buy (cryptocurrencies) and use electronic wallets outside Russia. I think things will remain as they are for now. There are no plans to change anything yet.”, he told reporters.

This report comes amid growing concern following the country’s move to limit cryptocurrency trading in recent days. Citing the need to protect small investors from possible losses, Anatoly Aksakov, Chairman of the Russian State Duma Committee on Financial Markets, said, I suggested Last week the government will enact new laws for this purpose.

“Cryptocurrencies are getting more and more attention, and we will seek to provide maximum protection to our citizens who invest in digital assets, as it is a new tool and it is very difficult for an unqualified investor.”Aksakov said.

With millions of dollars of institutional investors pouring into the cryptocurrency markets, it makes sense to protect small investors. If legislation like the one proposed by Mr Aksakov is implemented, it will limit trading to non-accredited investors in the country.

Aksakov’s comments follow comments made by Bank of Russia First Deputy Governor Sergei Shvetsov in September. Shvetsov said the bank is considering slowing down transactions to reduce the frequency of purchases “passionate” of crypto assets. The bank’s CEO argued that such measures are necessary to protect investors in the event that the cryptocurrency markets drop to zero.

The Bank of Russia is still keen to manage the state of cryptocurrency in the country, having taken several steps towards regulation. Central Bank last month student That all local banks block cryptocurrency wallets that have shown suspicious activity, such as the participation of an unusually large number of counterparties.

In Turkey, the crypto regulatory landscape has now pushed Coinzo to become the last crypto exchange in the country to go out of business, apparently due to a presidential campaign. During Monday’s announcement, Coinzo told users that it was also shutting down all CNZ trading pairs to avoid any volatility impact. The exchange also told them that they had six months to withdraw their assets from their personal bank accounts.

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