Crypto Project Libra Won’t Be Allowed In Russia

Crypto Project Libra, Facebook’s controversial new coin will now be allowed in Russia according to the major news agency TASS owned by the federal government so we read more about it in the latest cryptocurrency news below.

Russia will not legalize Libra and according to the TASS reports we can read that:

 “Russia will not legalize the use of Libra cryptocurrency, which Facebook plans to introduce into circulation in 2020.”

The United States and France are currently looking deeper into Libra’s nature based on the current regulatory frameworks that govern the crypto sector. However, it is still unclear whether the crypto project Libra will be able to prove itself successful after the launch. Before the release of the whitepaper of Libra on June 18, the crypto enthusiasts expected that Facebook and the Libra Association will develop a blockchain network and native cryptocurrency that is centralized and to comply with the local regulations within the markets that it aims to launch in. The whitepaper of Libra aims to create a blockchain network with a decentralized structure in the upcoming years:

 “To ensure that Libra is truly open and always operates in the best interest of its users, our ambition is for the Libra network to become permissionless. The challenge is that as of today we do not believe that there is a proven solution that can deliver the scale, stability, and security needed to support billions of people and transactions across the globe through a permissionless network.’’

As noted in the coming altcoin news, the value of the crypto is said to be stable with the help of using the Libra Reserve which is a reserve based of real assets which will include the reserve currencies. The analysts expect that the central banks will see a model in Libra that could endanger their authority over the global monetary system. The Chairman of the Duma State Committee on Financial Market, Anatoly Aksakov stated that he believes Libra will be banned in Russia at least in the near term.

 “‘With regard to the use of Facebook cryptocurrency as a payment instrument in Russia at this stage – my opinion is that in our country it will be banned.”