As reported by the Deputy Finance Minister Alexei Moisseev, The Russian Ministry of Finance has decided not to issue any special regulations for Facebook’s upcoming digital currency, known as Libra a global cryptocurrency backed by a basket of fiat currencies – has riled regulators and politicians worldwide, with the U.S. Congress set to hold hearings this month and the G7 forming a task force to study the project.

Alexei Moisseev in his response to the reporter’s questions said that nobody is going to ban Facebook’s Libra Currency and it will be treated in Russia like any other digital asset, regulations for which are coming, as reported in Interfax news.

Moisseev noted that there is no cryptocurrency of any sort will ever become legal tender in Russia. “The ruble is our national currency and all operations should be conducted using it”, he added.

To a certain extent, cryptocurrencies will have approximately the same status as foreign currency, as it will be possible to buy, sell, store it, but it cannot be used to pay for goods and services, in fact. Moisseev, later, in giving his opinion, “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.”

Even though Facebook is not the leading social media platform in Russia, this platform really has a significant presence in the world’s ninth most populous country, with a measure of 39 per cent market share.

LEGISLATION COMING

A large number of businesses ask when it will finally be possible to legally conduct an initial coin offering (ICO) transparently, this will definitely be regulated, permitted, and a new law for it will be ready soon,” said Moisseev.

Earlier, Alexei Moisseev told RNS reporters that the final text of the bill on digital financial assets is ready (which mainly has been stalled in the Russian Parliament since last May); it will be presented to the second reading within two weeks.

Moisseev also said, on June 18:

We had a discussion about it last week, which led by Anton Germanovich (Siluanov, First Deputy Prime Minister, Minister of Finance). Also attended were the Vice-Premier Akimov, the Central Bank and the law enforcement. All decisions have been made there, now we are looking at the text, and within two weeks, I hope, we will come out for the second reading.”

However, there is no official timeline for passing this bill, entitled “on attracting investments using investment platforms”. A bill on token sales will be discussed separately, he explained.