Russia Not To Treat Libra Any Differently From Other Cryptocurrencies

By Rishma Banerjee

Facebook’s cryptocurrency Libra, which is aiming for a 2020 launch, has been making some noise in the cryptosphere since the day speculations about it began. However, recently since its official announcement, it seems that the entire crypto world has something to say about it, whether it be positive or negative.

In news that was recently published, the major Russian news agency Interfax it has been revealed that Russia will not be treating or regulating Libra any differently than other cryptocurrencies. The Deputy Finance Minister of the countryAlexei Moiseev said that “no one is going to ban” Libra. The finance official notes that a regulatory framework for cryptocurrencies is in the works and should be passed in the near future.

Moiseev also noted that Russia is planning to treat crypto like a foreign currency. It will be legal to buy, sell and store it, but Russian citizens won’t be able to spend it like they would the ruble. Moiseev said,

“The ruble is our national currency, and all transactions must be made in it.”

Russia’s approach to Libra, which Facebook unveiled last month, could very well be quite different from the current stance in the US.

American lawmakers have issued an open letter to Mark Zuckerberg, CEO of Facebook, and its executives, requesting that the tech giant cease working on Libra to give the government some time to understand how it will operate. The official statement read:

“Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action. During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions.”