Russia to Increase Crypto Transaction Monitoring as Legislation Approaches.
Rosfinmonitoring, Russia’s financial monitoring agency, announced on Friday that it was using software to track transactions involving cryptocurrencies and hoped to improve its capabilities shortly. Moscow prepares to usher in regulation on what one lawmaker called “crypto-mania.”
For a long time, the Bank of Russia has expressed skepticism regarding cryptocurrencies, citing concerns about the financial system’s stability. Furthermore, the Bank of Russia has advocated for a complete ban on trading and mining, which conflicts with a government eager to regulate the industry.
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