Russia is one of the few countries that are taking an active interest in working alongside digital assets as they have started to become part of the mainstream payment infrastructure. The Federal Finance Monitoring Service of the Russian Federation, known as Rosfinmonitoring, has introduced new regulatory protocols related to crypto-based payments under its jurisdiction. German Neglyad, deputy head of Rosfinmonitoring, stated in a recent interview that these regulations are crucial to discourage money laundering issues.
According to this new decree, Rosfinmonitoring is planning to monitor and regulate crypto-fiat exchange transactions. Many believe that this move is an anticipatory obligation for enforcing a digital asset ban in Russia. However, banks in Russia are required by the law to facilitate their users with crypto-exchange wallets under the central bank’s guidance and supervision.
Is the Future of Bitcoin Safe or Endangered in Russia?
Last year the decree of the digital assets law approved by Russian President Vladimir Putin, the status of cryptocurrencies was accepted in the region without them being recognized as legal tender. Neglyad, the deputy head at Rosfinmonitoring, has confirmed that banks are already tracking the activities of accounts that have converted digital assets into fiat money and creating monitoring reports for its usage.
Through the current regulations, the Russian authorities have issued a decree to recognize cryptocurrencies as legal tender. Now the crypto owner in the region would have to declare their total possessions legally. Russian banks are ordered to open up crypto exchanges to facilitate the proceeding of this law. According to Neglyad, this move is only to put a halt to cross-border terrorism and money-laundering crimes.
Bitcoin Riding Major Bull Wave after Being Endorsed by VISA and PayPal
Two of the biggest global payment platforms have set BTC on the fast track to a $401K bull wave. Recently, the flagship currency experienced a significant spike in upward trends when VISA introduced crypto payment facilities for its 3.3 billion registered user base. VISA has further plans to allow its users to directly trade with digital assets, specifically BTC, to conduct day-to-day transactions.
On the other hand, digital payment giant PayPal has made it official that its merchants would be able to start using BTC and Bitcoin Cash for direct product purchases. Both these platforms would play an important role in paving the way for BTC to enter mainstream markets. The BTC HODLers are positive that the current bull wave would take BTC to the much anticipated $400K threshold.
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