Facebook Libra Won’t Receive Any Special Treatment from Russia’s Finance Ministry

Russian Flag Hides Facebook Crypto Libra

Ever since Facebook released the whitepaper for its cryptocurrency Libra, regulators across the globe have been commenting on its implications over the world and national economies. The Russian Finance Ministry will not issue any special regulations for Facebook’s upcoming digital currency Libra, deputy minister Alexei Moisseev said to local news outlet Interfax.

Russia has categorically denied that Libra will get any special treatment in the upcoming legislation for regulation of digital assets. Moisseev was answering questions from journalists when he made these comments.

“Nobody’s going to ban it,” he replied when asked what Russia’s policy will be towards Facebook’s Libra. However, he asserted that no cryptocurrency will ever become legal tender in Russia. “The ruble is our national currency and all operations should be conducted using it,” the finance minister said.

Russia has been pushing for the Russian Ruble to replace the U.S. dollar as global trade currency and fight back against the dollar’s monopoly over the international economy. The country’s behavior towards cryptocurrencies has reflected these intentions as well as Russia has rejected any notion of allowing any kind of non-Russian digital currency to take a hold of regional economy.

Russia to Issue its Own Cryptocurrency?

According to some reports, Russia is getting ready to release its own cryptocurrency, which means that allowing any cryptocurrency to function in competition against Russia’s own cryptocurrency will never be allowed. Moisseev reiterated this point as he said that all cryptocurrencies will be treated as foreign currencies.

He further said that while it will be possible to buy and sell Libra, using it to buy goods or services will not be possible. “Yes, the legitimate market should be formed. But it’s out of the question that under the banner of a legitimate market, everything is possible,” Moisseev said.

Facebook’s Libra has a lot of powerful supporters and one of the world’s largest and most profitable corporations standing behind it. This is why it has irked regulators across the board. Many European countries, as well as the U.S. and Russia have rejected the notion of allowing Libra to operate freely without heightened regulation. Furthermore, the G7 is forming a task force to study the project.

Moisseev also revealed that new legislation is coming soon for businesspeople who are looking to carry out transparent and regulated ICOs. The legislation will also contain standards for cryptocurrencies that want to operate in the Russian markets.

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