Russia’s deputy Finance Minister reveals that There will be no separate regulation for Facebook’s Cryptocurrency Libra

July 2, 2019 7:39 AM UTC

 

Russia’s deputy Finance Minister, Alexei Moiseev, disclosed in a report on July 1, that there will be no separate regulation for Facebook’s Libra cryptocurrency.

Per the report, the deputy Finance Minister revealed that Russia will not create a separate regulation concerning Libra, that the rules binding on all digital currency will conform to one another, of which Facebook’s Libra cryptocurrency is a part of.

Moiseev said, “No one is going to introduce a ban. A large number of businesses ask when it will finally be possible to legally conduct an ICO [initial coin offering] transparently. This will definitely be regulated, permitted, and that is about it.”

He also noted that the bone of contention is if “cryptocurrency will have approximately the same status as foreign currency,” because according to Moiseev, cryptocurrency will not be adopted by the government in making purchases for commodities “The ruble is our national currency, and all calculations must be made in it,” he said.

This decision taken by the Russian government, comes amid a statement made by the Chairman of the Russian State Duma Committee on Financial Market, Anatoly Aksakov, who said that Russia will not legalize Facebook’s cryptocurrency Libra, as according to him is a potential threat to the country’s financial system.

Aksakov revealed that Russia does not currently have any plan to adopt a legislation “which provides space for the active use of crypto tools created in the framework of open platforms, blockchains.”

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