Russia will start by tracking Bitcoin transactions by the end of the year
The Russian government has been looking at bitcoin for some time now and is now planning on implementing a system within a few months. It will be able to track cryptocurrency transactions, mostly focused on Bitcoin transactions.
The Russian Federal Financial Monitoring services is in place in order to fight financial terrorism and fraud. This is done through a unified system of information, data is collected then sent to selected authorities in order to find a criminal or per of interest.
The implementation of this systematic strategy will be used to track cryptocurrency transactions. The BBC Russia news reported that besides information as personal Bank account number, users of cryptocurrencies also have the possibility to add digital wallet details as well.
Low ability to use cryptocurrency on a daily bases in Russia
First deputy chairman of the Bank of Russia Olga Skorobogatova, said that the banks have no plans on allowing the trading of cryptocurrencies. Russia wants to implement a law that states that the transaction of Digital Assets can only be done through licensed authorities.
The previous advisor of President Putin believes that these actions are necessary to take because of the Anonymity features of these cryptocurrencies as they can be used to fund illicit activities or purchase illegal goods.
Anton Merkurov thinks that the approach taken towards cryptocurrencies may cause evasion to cryptocurrencies. He also thinks that the more governments try to undermine bitcoin and other cryptocurrencies through centralizing control. The more like these currencies are to become even more decentralized with stronger defense mechanisms. The fight for the normal everyday usage of cryptocurrency in Russia is likely to worsen if the government pushes the idea of a centrally controlled fiat currency. This will just make cryptocurrencies go undetected or available to the wealthy likely bringing more economic stress.
Do you want to be able to use your crypto in Russia freely? Feel free to leave your comment below
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