Putin issues orders to combat ‘illegal cross-border transfers’ of digital assets
Russia is apparently preparing to scrutinize cross-border cryptocurrency transactions for potential illegal activity. Russian President Vladimir Putin has stressed the importance of developing additional measures to fight against illegal cross-border transactions of digital financial assets.Speaking at a board meeting of the General Prosecutor’s office Wednesday, Putin stated that “criminal elements have been increasingly deploying digital financial assets,” which needs special attention from the government.“There is one more point — quite new, but essential: we should take additional....
Related News
The Russian President held a meeting with the attorney general’s office where cryptocurrencies came to the discussion table. Vladimir Putin raised red flags toward taking measures to prevent illegal activities on cross-border transfers with cryptos. Putin Calls Other Offices to Join the Fight Against the Usage of Cryptos for Illicit Purposes According to a transcript made public on the Kremlin’s official site, Putin considered that the General Prosecutor’s Office should keep engaged in strengthening financial monitoring. That being said, the Russian President pointed....
President Vladimir Putin has tasked several ministries and the central bank to prepare to verify information provided by government employees about their digital asset holdings. The order comes as part of a new plan to combat corruption which was recently approved by the Russian leader. Authorities to Inspect Crypto Disclosures Filed by Russian Officials as Putin Approves Anti-Corruption Plan Russian President Vladimir Putin has signed a decree approving the country’s National Anti-Corruption Plan 2021-2024. As part of the new strategy, the Russian head of state has instructed the....
South Korean Law enforcement authorities have taken 33 individuals into custody for conducting illegal cryptocurrency transactions of $1.5 billion. In addition, these individuals carried out some illegal cross-border transactions using digital assets. Presently, the authorities investigate them and have fined fifteen while the 14 are yet to be prosecuted. However, four of these individuals are […]
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....
Historically opposed to the idea of using crypto as a payment method, the Bank of Russia has reportedly agreed to allow cross-border payments in crypto due to geopolitical changes. The Bank of Russia, the country’s central bank, has reportedly admitted that cross-border payments in crypto are inevitable in the current geopolitical conditions.The Russian central bank has been rethinking the approach to regulating crypto and agreed with the finance ministry to legalize crypto for cross-border payments, the local news agency TASS reported on Monday.Deputy finance minister Alexei Moiseev....