Russia has remained calm aboutFacebook’s cryptocurrency. Facebook hasbeen criticized a lot concerning their cryptocurrency initiative by consumergroups, financial regulators, lawmakers, and economists. Almost all of them are worried that Facebookmight interfere with their privacy eventually contributing to financial crimes.

David Marcus clarified a fewthings concerning Libra. Marcus will betestifying before the US Senate Banking Committee and the House FinancialServices Committee over the next few weeks.

The most pressing of the concernswere related to money laundering and reserve defaults. While the major powershave been perturbed, Russia does not seem disturbed in anyway concerning theLibra.

Alexei Moiseev, stated, “No oneis going to ban it.” The statement madeby the Russian Deputy Finance Minister made it appear like Russia will betreating Libra like a Bitcoin or any other kind of asset type. It is expected for the Russian cryptoregulation to come soon; however, the regulation might likely legalize thecryptocurrency trading process. However,Moiseev further added, “The ruble is our national currency, and allcalculations must be made in it.”

However, Russia is not the targetmarket for Libra. However, regulatorsare concerned about potential misuse considering the past use of Bitcoin by theRussian Security Apparatus.

It has been confirmed byintelligence agents in the Russian Military Intelligence Service that Bitcoinhas been used in the finance operations which are related to the 2016 e-mailhack concerning the Democratic National Committee.

Alexander Vinnik is suspected tohave laundered billions of dollars via BTC-e, the cryptocurrency exchange whichis in turn linked to Bitcoin usage. Russia has served as the hot spot for several initial coinofferings. This is considered by many tobe one of the fraudulent fundraising method used to solicit cryptocurrencyinvestments.

Libra might not face thevolatility of Bitcoin as it is pegged to the USD and Euro. The price certainty and the lack ofrequirements of identification are considered to be factors attractive to moneylaunderers.

It is going to be very difficultfor any government to exert its control over Libra. Anders Aslund at the Atlantic Council statedthat both Bitcoin and Libra should be banned across the world due to theprobable threat of money laundering.

Katharina Pistor stated, it willbe difficult for authorities to infiltrate the network. She was as well concerned about how there isa scarcity of safe assets. She alsostated that the Libra is only as good as the asset that it represents.