Russia toughens bitcoin rules and will control receipts from cryptocurrency to fiat

Russian financial regulators are considering introducing additional measures on cryptocurrency-to-fiat conversion involving banks.

According to Russia’s Financial Monitoring Service, Rosfinmonitoring deputy head, German Neglyad, the move is meant to weed out money laundering incidents and other related vices.

Under the proposed regulations, the Risfinmotoring will track the utilization of proceeds from cryptocurrency after the conversation to fiat. However, cryptocurrency proponents believe the move is laying the ground for abolishing digital assets like bitcoin.

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