Russia Won’t Ban Facebook’s Crypto Project: Finance Minister

Russia Won’t Ban Facebook’s Crypto Project Libra according to the deputy Finance minister Alexei Moisseev after he gave a statement on Monday and we read more about it in the coming altcoin news below.

The Russian Ministry of Finance won’t be issuing any special regulations for Facebook’s Libra project and on the reporters’ questions, Moisseev stated that Libra will be treated in Russia just as any other digital asset. He noted according to the news agency Interfax:

 “Nobody is going to ban it. “

On the other hand, there is no single cryptocurrency to ever become the leading tender in Russia according to Moisseev. He noted that the ruble is the national currency of the country and all operations will be conducted with the ruble and only the ruble. Cryptocurrencies still have a  similar status to foreign currencies. He said:

‘’The ruble is our national currency and all operations should be conducted using it. It will be possible to buy it, sell it, keep it, but not use it [to pay for goods and services]. The legitimate market should be formed. But it’s out of the question that under the banner of a legitimate market, everything is possible.”

Although it is not the only leading social media platform in Russia, Facebook has a massive presence in the country with more than 39 percent market share by one measure. The vision of Facebook for their crypto Libra project which is a global cryptocurrency backed by a basket of fiat currencies, has made a chaos for the regulators and politicians around the world with the US Congress scheduling to hold a hearing this month but also at the G7 who already formed a task force to study the project.

Moisseev also noted that Russia won’t ban Facebook’s crypto Libra project but he made clear that the business people are asking about the opportunities to hold a transparent initial coin offering and a new law for it as well. He also told the new agency as noted in the latest cryptocurrency news:

 “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.’’