Russia won’t forbid Facebook’s libra currency

The Russian Ministry of Finance will not issue any special regulations on Facebook’s upcoming digital currency Libra, deputy minister Alexei Moisseev said on Monday.

Nobody is going to forbid it.

On the other hand, Moisseev said, any forms of cryptocurrency will not become a legal tender for Russia. “The ruble is our national currency and should be used for all operations.”

In contrast, the state of the cryptocurrency is similar to foreign currency. “It is possible to buy, sell and retain, but not use it to pay for goods and services,” Moisseev said of crypto. “Yes, the legitimate market should be formed. But there is no doubt that under the banner of a legitimate market, everything is possible.”

Although it is not Russia’s leading social media platform, Facebook has an important position in the world’s ninth largest populous country, with a market share of 39%.

Facebook’s vision for Libra—a global cryptocurrency backed by a basket of fiat currencies— has riled regulators and politicians worldwide, with the U.S. Congress set to hold hearings this month and the G7 forming a task force to study the project.

Upcoming Legislation

Moisseev also told reporters that many businesspeople were asking about opportunities to conduct transparent initial coin offerings (ICO) and new laws will be ready soon.

He told the new agency RNS earlier that the digital assets that has been in the Russian parliament since May last year may pass the main second hearing in a few weeks.

“We had a discussion about it lead by [finance minister] Anton Siluanov, there were the deputy prime minister [Maxim] Akimov, the central bank, the law enforcement agencies… All the decisions have been made, we’ll look at the text [of the bill] and, I hope, in two weeks get it on track for the second hearing,” Moisseev said June 18.

 

 

 

 

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