Anatoly Aksakov: Russians will need a passport to trade on a crypto exchange

Head of the State Duma Committee on the Financial Market Anatoly Aksakov during the forum “Cybersecurity in Finance” toldthat identification for working on crypto-exchanges will be similar to the one that exists in banks, using a passport.

He added that the draft law on mining, which was submitted to the State Duma, may, following completion, include, among other things, a decision on liability for illegal transfers in cryptocurrencies.

Illegal transactions on crypto exchanges

According to Stanislav Kuznetsov, Deputy Chairman of the Board of Sberbank, the bank has recorded record volumes of illegal transfers to crypto accounts from crypto exchanges of the Russian Federation. Thus, crypto exchanges in the Moscow City business center allowed withdrawing about ₽500 million in bitcoin without any user verification.

He stated that many Russians, without presenting any identification documents, bring cash and send it to Ukraine. At the same time, exchanges “legally operate” in the business center.

Security of the digital ruble

During the forum, the head of the Central Bank of the Russian Federation, Elvira Nabiullina, also said that when testing the digital ruble, the regulator and market participants will initially assess its security. According to her, one of the main priorities in the development of a digital national currency is to protect the funds of Russians on wallets.

Nabiullina also stated that stage-by-stage testing on real operations is now being carried out, and first of all, the Central Bank will look at information security issues.