Deputy Minister of Finance of Russia Alexei Moiseev told the reporter that the government has no plans to impose a trading ban like China.

Russia does not ban cryptocurrency trading
Deputy Minister of Finance of Russia Alexei Moiseev

According to Moiseev, citizens will be able to buy digital assets and use wallets on foreign exchanges. However, he also emphasized that the ban on cryptocurrency payments will still apply:

“For now, I can say that cryptocurrency payments are still prohibited. But citizens can buy cryptocurrencies and use wallets outside of Russia. I believe things will remain the same for now. There are no plans to change anything so far.”

Russia Restricted Cryptocurrency Very Early

Back in September 2017, the Central Bank of Russia was completely against accepting cryptocurrencies as real money. Websites for and other cryptocurrencies are blocked in the country.

In July 2020, Russian lawmakers passed a landmark law defining the legal status of and other digital currencies. The bill also bans the use of digital assets to make payments.

Last month, Kremlin spokesman Dmitry Peskov said that Russia was not ready to recognize it Bitcoin is legal currency.

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Earlier this week, Deputy Minister Moiseev said that the adoption of cryptocurrency payments would threaten Russia's financial sovereignty by making it difficult to control the nation's money supply.

Before, China has officially banned cryptocurrencies in the country. The Central Bank of China has clarified that it is illegal for foreign exchanges to provide services to Chinese citizens at the end of September. Chinese citizens who work for these exchanges may face criminal prosecution. This has motivated , , , and more than 20 Chinese crypto companies must completely ban Chinese users and stop all services here.

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