Rosfinmonitoring considers bitcoin transactions maximum risk

The Deputy head of Rosfinmonitoring Paul Livadny told that Rosfinmonitoring considers bitcoin transactions to the maximum risks due to their anonymity.

«For regulators, the risks of anonymity always exceed all possible benefits of a tool. Since we can’t determine who makes bitcoin transactions due to the anonymity of this currency, of course, we consider this operation as a maximum risk», he said.

According to Livadny — this risk can be mitigated by introducing appropriate regulation, which is tasked to develop Russia’s President Vladimir Putin.

«The Federal financial monitoring service are not fixed at the date of burst operations with bitcoin. As for the high risks of this tool, they remain. If operations are not, this does not mean that the risk is minimal», — summed up Livadny.

In early November, the Prosecutor General’s office reported that the growing interest in the cryptocurrency is associated with the possibility of the legalization of income obtained by illegal means. The Ministry said that cryptocurrencies, in particular bitcoin, are money substitutes and cannot be used for payments on the territory of Russia.

Deputy Finance Minister Alexei Moiseev has proposed to introduce criminal responsibility for the organization of cash substitutes. He said that the Ministry is preparing the relevant amendments that involve changes to the code of administrative offences, the law «On Central Bank» and the penal code.

«Somebody will come up with some kind of cryptocurrency, which specifically will be used to replace the ruble with the purpose of tax evasion or anything of that sort, then there will be the opportunity,» gave the example of the criminal responsibility of Moses.

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