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Crypto payments still banned in Russia, but trading allowed.

The central bank of Russia is to take steps to throttle the rise in crypto trading activity in the country by taking action against suspicious crypto activities.


poll conducted in August 2021 by the foreign exchange market found that about 77% of respondents said that their “most forward-looking” investments are cryptocurrencies, including BTC, LTC, and ETH. About 8.8% of respondents preferred gold as the best investment, and 14% preferred “familiar national currencies.” About 8.8% of respondents preferred gold as the best investment, and 14% preferred “familiar national currencies.”   

 

Crypto payments are still banned in Russia.

In Russia, cryptocurrency payments are still outlawed, and the government does not intend to change that soon. The Russian government has indicated that there is no plan to ban cryptocurrency trading, unlike China, but the ban on digital currency payments continues. Russia’s Deputy Minister of Finance Alexey Moiseev pointed out that Russian citizens will still be able to buy and trade cryptocurrencies like Bitcoin. “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. 

 

Lawmakers are yet to define cryptocurrencies and blockchain in the Russian civil code.

The Deputy Finance Minister added that lawmakers are yet to properly define digital currencies and blockchain technology in the Russian civil code. The Russian government is skeptical about accepting Bitcoin as a legal tender, as they fear it may harm the country’s economic and financial system. Russia’s position contrasts with China’s, where financial and regulatory institutions have repeatedly issued anti-digital currency statements and policies. More recently, the People’s Bank of China declared all digital currency transactions in the country illegally, and before that, miners in several provinces fled in the face of crackdowns on their operations.



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