Crypto Cards Safe to Use in Russia
January 19, 2019 1:15 pm
A report from local media revealed that using cryptocurrency debit cards to purchase goods and services does not violate Russian law. Alexei Moiseev, Deputy Finance Minister, said that the Russian Finance Ministry receives a lot of queries regarding digital coins and their applications.
In the Gaidar economic forum, an annual congregation of politicians, academics and businessmen to discuss the challenges and opportunities for the country, Moiseev also said that the crypto industry is on a positive path. He noted that Cryptocurrencies do not indicate signs of financial pyramids any longer.
“The financial pyramid element was something I used to talk about before, for which I was repeatedly ostracized. But I think that now there are no signs of it, in my view.”
Cryptocurrencies or digital monetary assets are unregulated in the country. The Russian parliament will soon adopt minimum three laws regarding the crypto sector. The draft text of the regulatory framework does not contain the term “cryptocurrency,” but there is no mention of the ban.
The country’s government recently revised the definition of “digital financial assets” to include cryptocurrencies and tokens. The revision followed the pressure from industry organizations and was backed by the Finance Ministry. Whereas, “Money surrogates” are illegal in Russia, and ruble remains the only legal tender.
The Russian government is indeed intrigued by the idea of using cryptocurrencies as an alternative to the greenback. The crypto industry would indeed benefit from such initiatives from the governments’ side.