Sunday, November 27, 2022

No crackdown in Russia, but crypto payments still forbidden

Another Russian official has said Russia won’t follow China with carrying out a big Crypto crackdown. Russia is apparently distancing itself from a big crackdown on crypto just days after the SEC appeared to do the same.

Talking to Interfax, the Russian Deputy Finance Minister Alexeey Mooiseev said:
“At present, I can only say that [crypto] payments [are not permitted] on Russian territory. At the same time, citizens can buy [coins] and use wallets outside Russia. That will remain the case, I think. There are currently no plans to change anything.”

Crypto payments are banned in Russia. However, Russian citizens are allowed to own and trade cryptocurrencies, as long as they are foreign cryptocurrencies. The Russian Deputy Finance Minister Alexeey Mooiseev said in an answer to a students’ question:
“Of course, a Russian citizen can have a wallet outside Russia, but they will be subject to bans if they operate within the country – I think – for the foreseeable future.”

Mooiseev wasn’t clear enough on who he meant with ‘’they’’. He presumably was talking about Crypto Exchanges. The greater part of big Russian Crypto exchanges have moved their base of operations overseas. Moiseev claimed that in order to protect the financial sovereignty Russia had to ban crypto payments on Russian soil.

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