Russian State Press Says Facebook’s Crypto Libra Will Not Be Legal ?

Facebook's much-hyped crypto Libra won't be legal in Russia, according to a senior financial official in the government. Read story on

Russian State Press Says Facebook’s Crypto Libra Will Not Be Legal ?
Russian State Press Says Facebook’s Crypto Libra Will Not Be Legalized

A major news agency in Russia, TASS, managed and owned by russian federal government, has reported that Russia will not legalize Libra, just a few days after its announcement.

“Russia will not legalize the use of Libra cryptocurrency, which Facebook plans to introduce into circulation in 2020. This opinion was expressed by the chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, in an interview with the radio station Kommersant FM on Tuesday.”

Chairman of the Russian State Duma Committee on Financial Market Anatoly Aksakov has said that Facebook’s forthcoming cryptocurrency Libra will not be legalized in Russia, local news outlet TASS reported.

Mr. Aksakov stated that Russia will not legalize the use of Facebook’s Libra cryptocurrency because it may pose a threat to the current financial system of the country. Mr. Aksakov also stressed that Russia has no plans to adopt legislation “which provides space for the active use of crypto tools created in the framework of open platforms, blockchains.”

Though Mr. Aksakov made it clear that russian people will be able to purchase Libra on foreign financial platforms and exchanges, while the creation of similar legal mechanisms in Russia will be strictly limited.

"In theory, we should talk about the possibility of organizing all kinds of exchanges, trading platforms and sales of such currencies. We, I believe, will limit or prohibit the creation of such sites. Those who want to acquire these tools using foreign legislation can do it at their own risk.”

While countries like USA and france are evaluating Libra based on existing regulatory frameworks while it's unclear that if this cryptocurrency will be able to launch in 2020.

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