Bitcoin

Read

By tracking crypto transactions, the Russian government seemingly wants to make a regulatory field for state corporations to enter the market.
A Russian bank has started tracking its customers’ activities in crypto as the government desires to form regulatory conditions for state corporations to enter.
In an <a href="https://www.pnp.ru/economics/anton-tkachev-iz-za-sankciy-rossiyane-aktivno-ispolzuyutkriptovalyutu.html" target="_blank" rel="noopener noreferrer nofollow">interview</a> with Russia’s state newspaper, Parlamenstakaya Gazeta, Russian lawmaker Anton Tkachev said the initiative is just a pilot so far, but eventually the system might be rolled out at the state level should the pilot be a success. Tkachev did not disclose the bank nor on what basis it determines crypto-oriented customers.
You might also like: <a href="https://crypto.news/ftxs-stolen-crypto-funds-linked-to-russian-cybercrime-networks/" rel="noopener noreferrer nofollow"> FTX’s stolen crypto funds linked to Russian cybercrime networks </a>
Eventually, the idea is apparently to allow state corporations to conduct settlements with cryptocurrencies as Western sanctions have limited Russia’s options to keep its business on the international level.
Although no details on the pilot were revealed, Tkachev said that Russia’s state corporations are likely to start carrying out crypto transactions as soon as the first half of the next year. The Russian lawmaker also noted that in 2022, a total sum of 13 million crypto wallets had been registered in Russia, although background on this statistic was not given.
In mid-September 2023, Russian finance ministry official Ivan Chebeskov&nbsp;<a href="https://crypto.news/russia-considers-legalizing-defi-daos-to-bring-more-liquidity/" target="_blank" rel="noopener noreferrer nofollow">said</a>&nbsp;the government aims to revive the local financial market by using the liquidity “that already exists in decentralized finance.”
However, it is unclear how exactly the Kremlin plans to make this a reality, given that Russian President Vladimir Putin signed a bill that essentially bans crypto payments nationwide. This bill, for instance, still prevents crypto-related companies from landing in Russia.
Read more: <a href="https://crypto.news/russias-stock-exchange-ready-to-list-bitcoin-under-one-condition/" rel="noopener noreferrer nofollow"> Russia’s stock exchange ready to list Bitcoin under one condition </a>

Russian bank begins tracking customer crypto activities

crypto.news

Other articles published on Oct 31, 2023

Top Reasons Why THORChain ($RUNE) Price Is Surging!

The Challenge of AI Document Translations to Understanding Reader Responses

Tether attestation shows cash and cash equivalents of 86% as loans decline

BNB Trades Sideways And Approaches The High At $232

Bitcoin Celebrates 15th Whitepaper Anniversary

Bitcoin bonanza or bust? NVT surge stirs mania fears

Join our free newsletter for daily crypto updates!