Russia Says It Won’t Ban Facebook’s Libra

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Russia’s Deputy Finance Minister Alexei Moiseev says Russia won’t treat or regulate Libra any differently than other cryptocurrencies.

Moiseev says “no one is going to ban” Libra, according to the major Russian news agency Interfax. The finance official notes that a regulatory framework for cryptocurrencies is in the works and should be passed in the near future.

According to Moiseev, Russia plans 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. Says Moiseev,

“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.

“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.”