Russian authorities are not going to allow cryptocurrency lending as announced by their ministry of Finance.
The treasury department also revealed that not all cryptocurrencies will be available to Russian investors under the new rules. The Russian authorities are to restrict Investor Access to Crypto Assets.
The ministry explains and states:
"In contrast, regulated circulation through licensed exchanges will limit the list of tradable assets and offer Russian citizens access only to the most mature and established cryptocurrencies."
Adding to it, the finance ministry wants to allow non-residents to purchase cryptocurrency on both domestic and foreign-registered digital asset exchanges that have an office in the Russian Federation. However, these investors will be required to withdraw any funds from these platforms through authorized local banks.
