An excerpt from TASS' report read:

"Russia will not legalize the use of Libra cryptocurrency, which Facebook plans to introduce into circulation in 2020. This opinion was expressed by the chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, in an interview with the radio station Kommersant FM on Tuesday."

With France and the U.S. currently evaluating Libra based on existing regulatory frameworks governing the crypto sector, it remains unclear whether the cryptocurrency will be able to demonstrate a successful launch it anticipates in 2020.

Major crypto regulatory hurdles ahead, can Libra overcome?

Prior to the release of the whitepaper of Libra on June 18, crypto enthusiasts generally expected Facebook and the Libra Association to develop a permissioned blockchain network and a native cryptocurrency that is centralized to a large extent to comply with local regulations in markets it tends to launch in.