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China is known for its harsh anti-crypto regulatory approach towards the digital asset industry. While Russia currently imposes restrictions on certain crypto transactions, the country won’t follow the footsteps of its Asian neighbor and won’t issue a sweeping ban on crypto trading.
Russia currently bans crypto payments as part of a law that took effect this year. However, it won’t copy China’s ban on crypto transactions and mining as it will not prohibit its citizens from trading in digital currencies like Bitcoin (BTC), according to Alexey Moiseev, the deputy finance minister of the Russian Federation.
“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, according to Cointelegraph.
Moiseev pointed out that there is still a need for the country’s lawmakers to properly define crypto and blockchain in the Russian civil code. The government’s ban on crypto payments is rooted in its stance that accepting Bitcoin as currency might have negative implications on the economic and financial system.
The country is also considering the introduction of new legislation that will place restrictions on crypto trading by non-accredited investors. The move is aimed at protecting retail investors from potential losses due to “emotional” purchases of digital currencies.
“Digital currencies are subject to our enhanced focus, and we will look to provide maximum protection for our citizens who invest in digital assets because it is a new instrument, and it is quite difficult for an unskilled investor,” Anatoly Aksakov, chairman of the Duma Committee on the Financial Market, said. “We certainly need to provide specific legislation to protect a non-professional investor from ill-considered investments in digital currencies.”
Despite Russia bans crypto payments, its regulatory approach is still better compared to China’s strict anti-crypto stance. The People’s Bank of China recently declared all crypto transactions in the country as illegal while the National Development and Reform Commission (NDRC) revealed plans of totally phasing out crypto mining.
