Russia Won't Ban Facebook's Libra Currency, Deputy Finance Minister Says

The Russian Ministry of Finance will not issue any special regulations for Facebook's upcoming digital currency Libra, deputy minister Alexei Moisseev said Monday.

Answer reporters' questions, Moisseev said Libra will be treated in Russia like any other digital asset, regulations for which are coming, according to the news agency Interfax.

On the other hand, 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."

Rather, cryptocurrencies will have a status similar to foreign currencies.

"It will be possible to buy it, sell it, keep it, but not use it ," Moisseev said of crypto.

Although it is not the leading social media platform in Russia, Facebook has a significant presence in the world's ninth most populous country, with a 39 percent market share by one measure.

Facebook's vision for 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.

Moisseev also told reporters that many businesspeople were asking about opportunities to conduct transparent initial coin offerings and a new law for it will be ready soon.

"We had a discussion about it lead by Anton Siluanov, there were the deputy prime minister [Maxim] Akimov, the central bank, the law enforcement agencies All the decisions have been made, we'll look at the text and, I hope, in two weeks get it on track for the second hearing," Moisseev said June 18.