Payments in digital currencies are still prohibited in Russia. However, trading is permitted

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Digital money has piqued the interest of many Russian investors. According to a poll done by the foreign exchange market in August 2021, around 77 percent of respondents claimed that digital currencies, such as BTC, LTC, and ETH, are their “most forward-looking” investments.

About 8.8% of respondents said gold was the best investment, while 14% said: “known national currencies” were the best.

Furthermore, roughly 77 percent of respondents indicated they were considering investing in digital currency shortly, while 23 percent claimed they had never utilized digital money.

Payments in digital currency are still illegal in Russia, and the government has no plans to change that anytime soon. Unlike China, the Russian government has stated no plans to restrict digital currency trading, but the ban on digital currency payments remains in place.

What Russia’s Deputy Finance Minister has to say

Russian nationals will still be able to buy and sell digital assets like Bitcoin, according to Russia’s Deputy Finance Minister Alexey Moiseev.

“Russian citizens can have a wallet open outside the Russian Federation, but if they operate within the Russian Federation then they will be subject to bans, I think, for the entire foreseeable future, due to our financial sovereignty,” Moiseev said.

According to the Deputy Finance Minister, lawmakers have yet to correctly define digital currencies and blockchain technology in the Russian civil code. As a result, the Russian government is wary of embracing Bitcoin as legal cash, fearing that it will wreak havoc on its economic and financial systems.

Russia’s stance contrasts with China’s, where banking and regulatory authorities have issued numerous anti-digital currency comments and measures. For example, the People’s Bank of China recently deemed all digital currency transactions illegal in the country, and miners in numerous regions have previously fled due to crackdowns on their operations.

On the other hand, some Russian officials have suggested that creating a digital ruble will not have the same financial concerns as other digital currencies. For example, Anatoly Aksakov, the chairman of the Russian State Duma Committee on Financial Markets, believes that by 2024, a digital currency issued by Russia’s central bank will be a part of national rules.

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