Russian State Orders For Research On Bitcoin Money Laundering and Blockchain Technology

With Russian officials activating their anti-VPN law recently, the country’s increasingly formal take on cryptocurrency and its underlying Blockchain technology is here to stay for some time now.

RBK, a local news outlet published a report this week pointing out that the State of Duma had decided to opt for “expert analytical research and opinion polls” pertaining to usage of Blockchain in 2018. Such tools will form a part of the government’s desire to conduct a research on “Standard legal regulation of Blockchain technology uptake on Russian financial markets based on global experience.” The same was also confirmed by Aleksandr Zhukov, Duma’s financial markets committee and first vice-speaker recently.

“Russian president Vladimir Putin appeared to seek an end to the contradictory government position on cryptocurrency regulation last month, calling for tightened, formalized controls on markets.”

Also Read: Russia to License Cryptocurrency Miners and Tax Mining Income

Informal circles are trying hard to influence consumers although the central bank has issued a warning against the malpractices associated with Bitcoin usage. Alexey Kudrin, the ex-finance minister of Russia offered a completely different viewpoint compared to Alexey Moiseev, the current deputy on the topic of whether it is a “pyramid scheme.”

General Prosecutor of the country also established linkage in between cryptocurrency use and “laundering” of income “gained via illegal channels.” The new anti-privacy law focussed at putting a leash on VPN providers from allowing Russians with access to websites blocked by the government has been introduced on November 1^st. Lack to compliance to the same will cause the state regulator Roskomnadzor to block the VPN provider. However it must be noted that this law applies only on the private use of such networks.

Get latest Cryptocurrency news and updates on KryptoMoney.com