Cryptocurrencies: Russia will improve transaction management, but regulation is near

Deepak Gupta July 9, 2022
Updated 2022/07/09 at 3:31 PM

If, on the one hand, the cryptocurrency market has not shown a good phase over the last few weeks, on the other hand, many continue to bet on this segment and even some countries maintain digital currencies as a plan to implement. And that is exactly what is happening with Russia.

According to recent information, as Russian regulation regarding this market approaches, Putin’s country will begin to improve the management and monitoring of transactions carried out through cryptocurrencies.

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The process of implementing cryptocurrencies in Russia has not always been viewed favorably. Initially, even before the war against Ukraine, the Russian central bank was very suspicious of digital currencies.

But the conflict with the country of Volodymyr Zelensky made the entity rethink this position and the Russian Minister of Industry and Commerce, Denis Manturov, said in May that the country would legalize digital currencies as a means of payment.”sooner or later” and it was indicated that same month that Russia could allow cryptocurrencies for international payments.

Russia will improve monitoring of cryptocurrency transactions

According to recent information provided by the Reutersfinancial monitoring agency Rosfinmonitoring, said on Friday that it was using software to track cryptocurrency transactions and hopes to further improve its capabilities as Moscow works on implementing regulation on what a lawmaker can do. designated as "cryptomania".

According to Yuri Chikhanchin, head of Rosfinmonitoring, Russia has already identified several cases of specific crimes involving cryptocurrencies. It further indicates that the agency wants to improve its systems and identify transactions and blockchains that are currently hidden. According to the executive:

It is very difficult when cryptocurrency accounts enter the unregulated zone and we do not understand who is on the other side. But I think we are still going to solve this task.

Russian Cryptocurrency Regulation Coming Soon

Last Thursday (7) Anatoly Aksakov, chairman of the Financial Markets Committee of the Duma, said that a bill on the regulation of cryptocurrencies will be presented during the autumn.

The executive stated that "obviously there will be strict regulation", and compared what he designates as "cryptomania" to addiction to the gambling sector, which is largely regulated in Russia, adding that "the same needs to be done with cryptocurrency exchanges and trading".

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