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Mixed Reactions As Russia Seeks To Monitor Cryptos

Cryptocurrency transactions might be reported to authorities in Russia if the current bid goes through. According to a bill tabled by Andrey Khaprov, crypto transaction surpassing $9,000 will be recorded by authorities. 


 
Andrey serves as the country’s Main Directorate for Drug Trafficking is pushing parliament to enact the legislation which also equips authorities with powers to monitor all transactions. The proposal was drafted through the Finance Ministry and is awaiting a node from parliament.

 According to the Digital Financer Assets bill, the Russian Ruble is the only legalized tender.

If it goes through, crypto lovers will conduct their transactions through legalized operators under strict conditions. The main aim is to tackle criminal activities associated with cryptos.

The draft bill also wants to cap the number of cryptos that can be moved without any troubles. Users will be free to move cryptos under the $9,000 mark freely. Andrey notes that the move will eliminate chances of cryptos being converted into fiat and then be used in criminal activities.

However, the bill has received some objection from top officials. Deputy Minister of Economic Development Savva Shipov holds the view that cryptos are not yet ripe to be targeted. He said the bill should go to parliament if we have proven cases of criminal activities arising from cryptos.



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