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Vladimir Putin: We Need To Deal With Illegal Transfers Of Cryptocurrencies

Russian President Vladimir Putin instructed the Prosecutor General’s Office, together with Rosfinmonitoring, to take measures to suppress illegal cross-border movement of funds and digital financial assets. At an expanded meeting of the board of the Prosecutor General’s Office, the head of state said that criminal elements are increasingly using the CFA, and it is necessary to pay close attention to this, writes RBC Crypto.

At the end of February, the head of Rosfinmonitoring, Yuri Chikhanchin, reported on the creation of the Transparent Blockchain service for tracking cryptocurrency transactions. Chikhanchin said that the mechanism is able not only to analyze crypto transactions, but also to identify signs that indicate the criminal component of the transaction.

Earlier, the head of the State Duma Committee on Legislation, Pavel Krasheninnikov, proposed legalizing cryptocurrencies in Russia, regulating their turnover in the same way as drug trafficking. The parliamentarian explained that now the Russian authorities take a contradictory position regarding digital currencies, but the problem can be solved if they are made with limited circulating capacity.

The Law on Digital Financial Assets entered into force on January 1, 2021. The document defines cryptocurrency, but prohibits its use in Russia to pay for goods and services.

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