Select Page

Russia Plans To Impound Unlawfully Acquired Cryptocurrencies

Russia Plans To Impound Unlawfully Acquired Cryptocurrencies
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

The Russian prosecutor general allegedly reports that cryptocurrencies are being utilized for bribing. As a result, Russia introduced cryptocurrencies into its legal system and as a taxable value in 2020.

The country has also banned its public officials from possessing crypto with effect from this year.

Russia is now assembling legislation to ensure that law-enforcement agencies confiscate illegally acquired cryptocurrencies. According to TASS, this report was given by the Prosecutor General of the Country Igor Krasnov.

Related Reading | Binance CEO Changpeng Zhao States, “Compliance Is A Journey”

During his speech at a conference held in Saint Petersburg, the Prosecutor General said that the misuse of cryptocurrencies by criminals had become a problematic issue for law enforcement agents.

Igor Krasnov said that the country already issued the first law to control digital assets and their usage last year.

In addition, Russia also updated its penial & criminal codes. This will ensure that law enforcement agencies adopt a restrictive measure in confiscating such assets.

Krasnov added that the increased use of crypto for bribery has made it more difficult to trace than fiat money.

However, Rosfinmonitoring, the Russian financial Surveillance representative, said that the agency plans to trace all Bitcoin cash-outs. In addition, they intend to add a new crypto classification code to check for suspicious crypto transactions.

Russia’s Ongoing Battle With Cryptocurrencies

The Russian government has been very hard on cryptocurrency since the beginning of this year.

The daily chart indicates that crypto market is following a downtrend | Source: TradingView.com

Let’s recall that early in April 2021, all the officials who work in both federal & local government agencies had to relinquish their crypto investments. The government had banned them from owning the currency.

According to the Ministry’s website, the government decided to reduce corruption in the country. The prohibition also extended to board members of every Russian bank.

Related Reading | Allied Payment Partners NYDIG, Adds Bitcoin To Corporate Treasury

It also extended to chairs of every corporation which the government owns. It was even so serious that their spouses and children (under-age) were not permitted to hold digital currencies.

Russia Lays New Ground Rules Simultaneously

What’s more surprising is that even after signing digital currencies into law, the country still went ahead to ban officials from touching them.

In the bill, even decentralized finance was tagged as a property that users can pay tax on but not for payments.

Also, the law mandated companies using the blockchain to register with the Bank of Russia and must meet their criteria before operations. As a result of the law, many crypto enthusiasts criticized the Russian Central Bank.

Also, the previous version of the law brought to parliament even made issuing and trading crypto on Russian infrastructure illegal. Even though many people, even top Government officials, criticized it vehemently. Even the Central bank received its share of criticism.

Now again, the government has come up with another method of stumping on crypto transactions. Although, the Rosfinmonitoring indicates that it is a way to stop suspicious transactions by criminals using cryptocurrencies.

Related Reading | Philippine Stock Exchange Plans To Become A Cryptocurrency Trading Platform

While the point is understandable given the nature of crypto transactions, the move is making things difficult for enthusiasts in Russia. There is also every likelihood that more legislative moves will emerge in the future.

Featured image from Pixabay, chart from TradingView.com

 

Source: NewsBTC

 

All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for the android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.es here

Reviews

All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber

Recent Comments