Anatoly Aksakov, a chairman of the Russian State Duma committee says that Facebook’s Cryptocurrency will not be legalized in Russia. He believes the cryptocurrency might pose a threat to the country’s financial system.

Apart from this, he also said Russia has no plans to legalize the active circulation of virtual currencies that are based on public blockchains. Russians can buy such cryptocurrencies but will have to do so from foreign exchanges. In spite of Aksakov’s statement, Deputy Finance Minister Alexei Moiseev says that the Russian Duma will pass legislation in the next few weeks. The legislation will give a legal and regulatory framework for cryptocurrencies.

This statement by Aksakov follows in the footsteps of government officials from several nations expressing negative views towards the new cryptocurrency due to its privacy concerns. Soon after the release of its white paper, the Facebook crypto Libra faced its first hurdle.