Russia won’t ban Facebook’s Libra

Russia

There are more positive signs for Facebook Inc’s Libra cryptocurrency project. This time around, it is coming from Russia.

Since it disclosed its plans to launch a digital currency, there have been several backlashes from various quarters over the power Facebook could wield, possible disruption of existing financial services model as well the privacy and data security concerns.

However, just like Switzerland, Russia said it is not that bothered about all those red flags.

The country’s Russian Ministry of Finance, represented by its deputy minister, Alexei Moisseev, said:

“Nobody is going to ban it.”

However, Russia is very blunt on its stand as to where the place Libra and other digital currency is. He said there is no cryptocurrency of any sort will ever become legal tender in Russia, Moisseev said. “The ruble is our national currency and all operations should be conducted using it.”