Cryptocurrency News

Russia must stop illegal cross-border crypto transactions, says Putin

  • President Putin wants to stop illegal cross-border transactions
  • He urged law enforcement officials to pay closer attention to the problem
  • Russia’s crypto regulation took effect earlier this year

Russia is concerned that criminals are using cryptocurrencies to make cross-border transactions. President Vladimir Putin said the law enforcement has to do everything possible to block those illegal transfers.

Illegal cryptocurrency transactions need to be stopped

Cryptocurrencies have solved a lot of problems that continue to plague the traditional financial system. Thanks to the emergence of cryptocurrencies, global transactions are faster, easier, and cheaper for all the parties involved.

However, despite their positive impact on the global economy, they still present some challenges. Their anonymous nature allows criminals to send funds to any part of the world. Russia recognizes this problem and wants to address it.

Russian President Vladimir Putin told the Attorney General yesterday that law enforcement in the country has to do everything possible to stop illegal cryptocurrency transactions. In a transcript published on the president’s official website, Putin said the problem needs to be addressed.

He stated that “Criminal elements are using digital assets more and more often, and this what you should pay closer attention to, together with your colleagues from other law enforcement agencies, including Rosfinmonitoring (the country’s anti-money laundering agency).”

Russia is one of the countries with clear cryptocurrency regulations. The law on digital assets was passed last year and took effect earlier this year. Russia has clear guidelines on how digital currencies issued by centralized companies need to operate and defines decentralized cryptocurrencies as properties.

The Russian government also made it clear that civil servants are prohibited from owning cryptocurrencies. Russia has always taken a tough stance against cryptocurrencies. The government had previously blocked cryptocurrency trading platforms, including Binance.

 

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