Russia’s Deputy Finance Minister Alexey Moiseev has indicated that the Russian Federation is likely to follow in the footsteps of the United States and try to regulate cryptocurrencies strictly rather than ban them, as China did.
Alexey Moiseev commented on cryptocurrencies in a press release published by Interfax. It states that although Russia continues to ban the use of cryptocurrencies as currency under legislation in force in January this year, it does not appear to plan to significantly restrict the ability of Russians to trade and hold cryptocurrencies.
“Russian citizens may have an open cryptocurrency wallet outside the Russian Federation, but altcoins will operate within the Russian Federation, and in view of our financial sovereignty, in my opinion, will face possible bans in the foreseeable future.” suggested that there could be further tightening of cryptocurrencies in Russia if they were actively used directly within the federation. However, if they do so outside this jurisdiction, they should not be in danger for the time being.
The deputy finance minister added that Russian lawmakers still needed some time to correctly define cryptocurrencies and blockchain technology within the Russian Civil Code. The government, meanwhile, claims that the scenario of possible legalization of BTC as legal tender, as El Salvador has done, is ruled out in their country because it could adversely affect the country’s financial and economic system. At the same time, however, like most other countries in the world, it deals intensively with the topic of the CBDC, or the digital currency of the central bank.
From the above, it is clear that the Russians do not yet plan to imitate their geopolitical partner China and drastically ban cryptocurrencies and their mining. At the same time, however, it is evident that they want to have cryptocurrencies under perhaps even more surveillance than the United States, where Fed chief Jerome Powell and SEC chief Gary Gensler recently assured investors that they do not plan to ban BTC or other cryptocurrencies.
As for the United States, during a conference in Texas, Wyoming Sen. Cynthia Lummis said that the biggest risk to cryptocurrencies in the United States is possible Treasury interventions that could do more harm to the crypto industry than the SEC or CFTC. In particular, these regulators are expected to begin regulating stablecoins and defi more tightly, with stablecoins being the biggest risk to the US economy, according to some politicians.