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What did Russia think about Facebook's Libra? (Image via Kenyan Wall Street)
Russia's Regulation Regarding Facebook's Libra
Facebook is currently the talk of the town after announcing they are going to release a new currency called Libra. Facebook announced the news on June 18 that their currency, Libra, will be released in 2020. People are now wondering whether the currency needs to go through various ‘tests’ by governments in each country or not, before it becomes legal. Yesterday, Russia stated their thoughts about Facebook’s Libra.The currency by Facebook is actually comparable to WeChat Pay in China. WeChat Pay in is reported to have more than a billion users and it is a huge deal in there. Due to its users, WeChat got a huge profit to the point they do not need the fund from advertising.
Facebook might have created Libra in order to get a huge profit like WeChat. However, Facebook claimed that using Libra is very easy and convenient, as people can transfer money as easy as texting messages. Moreover, Libra is created to help people who don’t have a bank account yet. Without monthly fee, Libra is claimed to be more pocket friendly.
Regarding the issue, Russia just stated their opinion on July 1. The Deputy Finance Minister Alexei Moiseev said that there is no separate legislation for Libra, like other cryptocurrencies. Previously, the Chairman of the Russian State Duma Committee on Financial Market Anatoly Aksakov said that Facebook’s Libra will not be legalized in Russia due to the possibility that it will be a threat to the financial system of the country.
Source: https://cointelegraph.com/news/official-russia-will-not-introduce-separate-regulation-for-facebooks-libra
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