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Russia may not allow legalizing Facebook cryptocurrency

Jun 19, 2019, 5:01 pm

Russia will not legalize Libra’s digital currency, which Facebook plans to introduce into global circulation in 2020. This opinion was expressed by the chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov.

According to him, citizens will be able to buy Facebook currency at foreign financial sites, but in Russia, the creation of such mechanisms will be limited:

With regard to the use of Facebook cryptocurrency as a payment instrument in Russia at this stage – my opinion is that in our country it will be banned. In Russia, there are no plans to adopt legislation that provides space for the active use of cryptotools created in the framework of open platforms, blockchains, since this may pose a threat to the country’s financial system.

The head of the Duma Committee on the Financial Market, Anatoly Aksakov, in an interview with Kommersant FM radio station, said that in his opinion it would be forbidden in Russia to use the new Libra cryptocurrency as a means of payment, which Facebook plans to introduce in 2020.

Aksakov explained that in Russia it is not yet planned to adopt legislation that would allow active use of cryptotools, since this may pose a threat to the country’s financial system. He said that someone from the Russians can buy the Facebook cryptocurrency at foreign financial sites, but in Russia, the existence of special exchanges and exchange and sale sites will be limited.

We, most likely, will limit the work of open-ended exchanges, but no one will be able to prevent users from conducting operations with Libra on foreign platforms. All this will be at their own risk. Before you start working with questionable assets, you need to consider all the possible dangers that they may pose – Head of the State Duma’s Financial Market Committee

In theory, we should be talking about the possibility of organizing all sorts of exchanges, exchange sites and the sale of such currencies. Which will limit or prohibit the creation of such sites. And whoever wants at their own risk, using foreign legislation, to acquire these tools is their business.

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