According to local reports, Russia will not go out of its way to ban Libra, a crypto asset created by the Libra Association, an international consortium started by Facebook.
Alexei Moisseev, the deputy finance minister of Russia, told publications that a legislative framework for crypto assets will soon be formed and Libra is likely to fall under it.
A rough translation of the statement of Moisseev read:
No one is going to ban. A large number of businesses ask when it will finally be possible to legally conduct an ICO transparently, this will definitely be regulated, permitted, and that’s all.
For many years, analysts anticipated Russia to release a regulatory framework for crypto assets and blockchain-related entities following the order of Russian President Vladimir Putin in February to adopt regulations for the crypto sector.
Further, Moisseev’s statement directly contradicts a recent state press report that suggested Libra will be outlawed.
Facebook’s Crypto Libra Won’t Be Legalized in Russia: State Press https://t.co/GG2kNmtGEs
— CCN Markets (@CCNMarkets) June 21, 2019
Libra acceptance part of full crypto regulation?
Based on the statement of Moisseev, the Ministry of Finance seems to be gearing towards regulating the crypto space.
Earlier this month, the G20 said in a communique released by the Ministry of Finance of Japan that crypto assets can deliver significant benefits to the global financial system if proper anti-money laundering (AML) and measures of countering the financing of terrorism (CFT) are set in place.
The G20’s communique read:
Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point,