Russia To “Recognize” Bitcoin In 2018, Monitor All Transactions
Russia has announced it may “recognize” Bitcoin fully in 2018, subject to full transaction monitoring. In line with recent statements by the country’s central bank, Deputy Finance Minister Alexey Moiseev said in an interview quoted by Bloomberg that a wholly legal position was to be taken on cryptocurrency in the future. Previously, Bitcoin and altcoins had languished in a regulatory gray area, with both users and entities operating in Russia threatened with takedowns and even jail time. In October, state communications watchdog Roskomnadzor blocked access to peer-to-peer marketplace....
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Come 2018, Russia could recognize bitcoin and other cryptocurrencies as authorities seek to enforce rules against money laundering to essentially monitor all bitcoin transactions. Rounding off a significant turn from the authoritarian stance toward bitcoin in Russia, Deputy Finance Minister Alexei Moiseev has now talked about acknowledging bitcoin and cryptocurrency in a legal capacity in 2018. In quotes reported by Bloomberg, Moiseev revealed the Russian state’s intention to include bitcoin transactions in Russia under its purview, hinting toward possible regulations of the bitcoin....
The Central Bank of Russia has started to examine the operations of Russian banks with cryptocurrency exchangers, according to local media. Transactions between individuals through these platforms are of particular interest as the regulator believes these carry risks of financial losses and fraud.
Central Bank Asks Russian Banks for Details on Crypto-Related Transactions
In late December, the Central Bank of Russia (CBR) sent commercial banks a new reporting form for transactions, seeking information about money transfers related to crypto exchange websites. These are mostly....
Bank of Russia has recommended commercial banks pay heightened attention to their clients’ transactions related to cryptocurrencies. The regulator requires the financial institutions to monitor such activity against the backdrop of restrictions on currency operations amid western sanctions.
Monetary Authority Urges Banks to Control Spending Linked to Crypto Assets
The Central Bank of Russia (CBR) has notified banks of the need to track certain transactions including those involving cryptocurrency. The financial regulator has sent out a letter calling on the institutions....
Bitcoin looks suitable for Russia’s crypto cross-border payments at first glance, but there are many reasons why such a choice is highly questionable. Despite Russia pushing the idea of using cryptocurrencies for cross-border payments, it still remains unclear what digital asset exactly the government plans to adopt for such transactions.Russian authorities are quite unlikely to approve the use of cryptocurrencies like Bitcoin (BTC) for cross-border transactions, according to local lawyers and fintech executives.Bank of Russia needs to control cross-border transactionsIt’s “highly....
The Federal Financial Monitoring Service of Russia is going to start tracking cryptocurrency transactions. The agency has already selected a contractor to develop the platform. The entity is affiliated with one of Russia’s largest financial institutions, Sberbank. Rosfinmonitoring to Keep Record of Cryptocurrency Wallets Used for Illicit Purposes Russia’s financial watchdog, Rosfinmonitoring, has selected a contractor for the building of a platform that will be used to track cryptocurrency transactions in the country. The company that won the tender, RCO, is managed by Rambler....