Mon, January 30, 2023

Bank of Russia Will Assemble Crypto Transactions

Bank of Russia will Assemble Crypto Transactions

Bank of Russia Will Assemble Crypto Transactions

With the increasing popularity of cryptocurrencies, transactions using them have become part of everyday life. Admittedly, this is not bad, but some people use it for wrongdoing. The entire crypto landscape is so vast that the government should take additional measures to monitor such activities. Accordingly, the Bank of Russia decided to collect cryptocurrency transactions between individuals. They will also have access to consumer trading data. This means that exchanges must share this data with the bank to continue their operations.

Russia is currently very skeptical about allowing cryptocurrency in the country. They also considered the option of banning it. The government fears this could hamper the economy; the fact that the crypto-decentralized nature facilitates its use for illegal actions. For this reason, the Bank of Russia is seeking more information from stock exchanges; Plus, financial institutions to prevent similar acts. Conversations that have covert businesses on their platform can face serious problems.

The bank had sent transaction reporting forms to the platforms by this time. Once they get some information about it, they will request additional data about certain remittances between individuals. The information should also include people’s personal information on both sides of the transaction.

The authorities clarified that the purpose of this step is to identify any risks that may be related to the transaction. The government will probably be able to identify wrongdoing: for example, gambling, money laundering, tax evasion, and more. To do this, they also introduced new reporting procedures for all transactions. And exceptional cases for large transactions.

Russia Plans and Future Steps

It is worth noting that the Bank of Russia does not ask for everyone’s details. They want transaction data. And in case of any violations, personal data will be requested. There will be specific criteria for transactions identification. Additionally, everyday user privacy will not be compromised.

It is noteworthy that in 2021 some countries came up with an initiative to ban or restrict cryptocurrencies. China was among them. A complete ban was also considered, forcing miners to leave the local trading market.

We will find out very soon what the response will be to the request from the Russian authorities. The crypto business is expanding day by day. For some security, each country wants to protect its citizens’ data. It also wants to identify counterfeit exchanges and traders. 2022 will be full of changes, and we hope these changes will be beneficial.

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