Russian Banks Intent on Depriving Cryptocurrency Owners of Anonymity

Russians want to eliminate all kinds of anonymity with regard to cryptocurrency dealings and make facts and figures related to crypto ownership public …

Russians want to eliminate all kinds of anonymity with regard to cryptocurrency dealings and make facts and figures related to crypto ownership public, thus bringing in a certain degree of transparency in the dealings. The media outlet RNS has reported that the Association of Banks of Russia, which is a group comprising the leading banks and financial institutions of the country, intends to implement “special programs” that would allow “anyone” to find out how much cryptocurrency any other individual has in his possession.

The Association of Banks has also prepared and drafted the framework for cryptocurrency adoption and cryptocurrency circulation. This framework suggests that owners of digital assets should either reveal their holdings or face criminal liability. The framework also comes up with a description of the procedure for collecting cryptocurrencies under law enforcement, bankruptcy, and taxation procedures. Besides, it also points out that “authorized market makers” must be able to identify the owners of digital assets when creditors place requests. The holders of digital assets might also be required to transfer their passwords from electronic wallets to creditors based on the decision and directives of the court.

In this context, Anatoly Kozlachkov, the vice president of the Association has asserted that such “special programs” for ensuring greater transparency and to avoid crypto crimes and corruption already existed and the law enforcement agencies were already applying it. However Kozlachkov also puts a word of caution about a situation that may arise where a “service provider” would run a crypto search network that would enable ordinary people to do crypto-checks on other crypto asset holders. In his words,

The simplest example would be a case whereby you know that someone who owes you a large amount of money has Bitcoin holdings. But currently there is nothing you can do about it in a situation like this, as trading is largely anonymous, and there is no legal method for obtaining this information.

It has also been reported by the news agency TASS, that Kozlachkov has suggested that if the courts are presented with debtor’s crypto holding information, they would be empowered to force the debtors to submit their wallet passwords, or else face criminal charges. He also said,

On one hand, we want to take this tool (cryptocurrencies) out of the hands of fraudsters- but on the other hand, we’d like to give people the chance to use (cryptocurrencies) legally, and to pay taxes on their earnings.

Russia had allowed the use of cryptocurrencies back in 2017, before which they were not considered as a legal instrument. The Association of Banks of Russia is, however, a non-governmental organization and some of the major Russian banks like Sberbank, Alfa Bank or VTB are not part of it. However the major Russian bankers are continuing their efforts to deprive cryptocurrency owners of their autonomous status.

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What All Do You Think You Know About Cryptocurrency?

Cryptocurrency is nothing but the virtual currency which is used as the standard of exchange in the huge number of transactions. However …

Cryptocurrency is nothing but thevirtual currency which is used as the standard of exchange in the huge numberof transactions. However, transactions with cryptocurrency are more controlledas well as secured the creation of other units. Such transactions are verifiedand observed the transfer of the money. In addition, cryptocurrencies could besent among two participants through the use of the public as well as privatekeys. However, such transfers will be done with less processing charges,enabling consumers to evade the high charges charged by conventional bankingservices.

Cryptocurrencies are increasingrecognition due to there are no interest rates, no exchange rates, as well asadditional charges for any countries. With cryptocurrency transactions both themoney and time are saved. In addition, it also decreases any kind of fraudchances. These factors are boosting the growth of global cryptocurrency market.Additionally, other factors such as low ownership cost and developed technologypolicy along with higher transparency are driving the global cryptocurrencymarket growth over the forecast period. In addition, Bitcoin is one of theemerging trends across the world which is contributing to the globalcryptocurrency market growth.

On the other hand, in theemerging market, savings in such cryptocurrencies is considered as one of thehigh risk owing to the fluctuations in the prices. In addition, the globalcryptocurrency market is growing importance due to the modernization in digitalpayment systems which are derived from innovative technologies such asblockchain. On the other hand, the growing demand for decentralized and secureddigital payments is attributed to the growth of digital currencies.

Reduced chances of theft andfraud, no third-party engagement, and no transaction charges for digitalcurrency exchange are some major factors responsible for the growth of globalcryptocurrency market. Likewise, there are some other factors which areresponsible to promote the global cryptocurrency market growth comprisespersistence and transparency of the fewer ownership rates as well as thetechnologies in a distributed ledger. In addition to this, with the hugesecurity provided by cryptocurrency currency transactions will help to defendconsumer’s transactions which also improve trust in the parties engaged indigital transactions.

However, Cryptocurrency isnothing but the disruptive concept which is called as an alternative to fiatcurrency. In addition, start-ups, entrepreneurs, small, medium as well as largeenterprises are showing their interest in cryptocurrency.

On the basis of geographicalanalysis, the global cryptocurrency market is expanded into Europe, NorthAmerica, Latin America, Asia Pacific, and Rest of the World. Out of these, theEurope region is dominating the global cryptocurrency market due to the hugeadoption from countries such as Germany and others. In addition, the Europeanregion is anticipated to witness the huge acceptance of cryptocurrency due tothe existence of the number of a mining pool. In addition, development in NorthAmerica is contributed to the greater acceptance from the United States.Likewise, the global cryptocurrency market is hugely advantageous by the hugeadoption from the several countries in the Asia Pacific such as Singapore,China, and Japan.