Russia does not plan to follow in China’s footsteps by banning cryptocurrencies entirely, says deputy finance minister

While Russia continues to enforce a ban on cryptocurrency payments as part of a law that went into effect in January, the country has no plans at this time to completely ban trade by its citizens.

According to an October 12 report by local news agency Interfax, Alexey Moiseev, Deputy Minister of Finance of the Russian Federation, said He believes that Russian citizens will be allowed to buy and use cryptocurrencies outside the country on foreign exchanges without the threat of legal action at home. Crypto payments in the country are currently banned, but Russians have been allowed to buy and trade cryptocurrencies like Bitcoin (BTC).

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

The deputy finance minister added that lawmakers still needed to properly define digital currencies and blockchain technology in Russia’s civil code. The Russian government has claimed to accept Bitcoin as official currency it could have a negative impact on the economic and financial system of the country.

Russia’s position contrasts with that of China, where financial and regulatory institutions have repeatedly issued anti-crypto statements and policies. More recently, the People’s Bank of China declared that all crypto transactions in the country were illegal, and before that, miners in various provinces fled when faced with repression in your operations.

Related: Survey Finds 77% of Russian Investors Prefer Bitcoin to Gold and Forex

However, certain Russian officials have claimed that using a digital ruble issued by the country’s central bank would not present the same financial risks as BTC and other cryptocurrencies. Anatoly Aksakov, chairman of the Financial Markets Committee of the Russian State Duma, said last year that a The Russian central bank’s digital currency could become an integral part of national settlements by 2024.