Russia Will Bring More Legislation To Increase Restriction In Crypto Use
Russian officials confirmed that they will bring law for the Cryptocurrency. New law bill will confiscate Cryptocurrency usage So that they can restrict illegal activities.
The Prosecutor General of Russia,Igor Krasnov last day talked about Cryptocurrency restriction, through a local media outlet.
Igor Kransnov said, government authorities of Russia aimed to develop a new crypto law bill that will confiscate Cryptocurrency.
According to report Kransnov he emphasized, this law will help them to restrict all types of possible illegal activities that are going with the help of Cryptocurrency.
On 7 July, Kransnov spoke at a conference, Because of Cryptocurrency illegal activities are increasing day by day. Money laundering, bribery, laundering of stolen funds & other illegal activities are the main cause of Cryptocurrencies usage.
While he talked about the latest move by Russian government about the regulation of Cryptocurrency. He said that regulation of Cryptocurrency is quite restful but still there are many serious challenges for Russian authorities because of Cryptocurrency.
So in this way Kransnov said that broader restrictions on Cryptocurrency will allow government authorities to bring extra protection for their citizens.
“This would allow the application of restrictive measures and confiscation of virtual assets,”
Kransnov talked about the main basic problems of private Cryptocurrencies. He said it is not possible to seize Cryptocurrency. For instance if we talk about Bitcoin, then only that person can control Bitcoin, who owns the private key. There is no way to go inside the wallet and control it.
Here it should be noticed, Russian government reported recently, Monetary authorities are developing their own Central Bank Digital Currencies but still they don’t want Cryptocurrency use, they want indirectly to ban them for their citizens.
According to reports, Russian authorities are ready with their CBDC and they are in trial phases and they will launch it by the end of this year.
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