Russia: Bank Rossii wants to legalize Bitcoin 2018

About a year ago, Russia still saw controversy about digital currencies: who was dealing with Bitcoin could go to the prison purely theoretically. A serious step, but now Russia seems to go in the opposite direction: Bitcoin is to help the Russian government!

Hope for 2018

Deputy Finance Minister Alexey Moiseev spoke in an interview about the hope for 2018 that Bitcoin and other cryptic prosecutions could be used for the prosecution of illegal transfers. Money laundering is a big problem in Russia. Bank Rossii (Russian Central Bank) has been struggling on many fronts against illegal transactions and the irretrievable percolation of dubious funds. Although the bank Rossii should be successful, however, digital currencies would use their blockchain perfectly for anti-money laundering campaigns.

International problem

Many Russian banks have lost their licenses due to shady transactions in recent years. Foreign banks are also found in investigations with Russian banks. The Royal Bank of Scotland Group Plc has received information from the UK about money laundering in Moldova and Lithuania from 2010 and 2014.

In January, Deutsche Bank AG received fines of US $ 629 million from British and American authorities due to non-compliance with legal regulations, which allowed rich Russians to transfer $ 10 billion abroad. It is assumed that these transactions are part of a financial crime.

The Washington Global Financial Integrity estimated some $ 211.5 billion of illegal Russian financial movements between 1994 and 2011. In addition, an additional $ 552.9 billion of illegal transactions were made.

Blockchain

Bitcoin and other digital currencies, such as Ethereum, rely on the blockchain technology. It is a register on which all the transactions that have ever been performed are listed. This would allow all transactions to be tracked. This is not anonymous, but pseudonym. The pseudonym is in this case the wallet address. If you found the owner using special software, you could follow the transactions.

However, movements in these directions are very sluggish. Some governments see no reason to design regulatory principles for this technology. Paradox – because there is so far no state that does not suffer from money laundering.

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