Putin is trying to collect data from Russian citizens on their cryptocurrencies

Russian President Vladimir Putin has ordered a new system that will force citizens to reveal their ownership of cryptocurrencies. After informing the Ministry of Labor and the central bank, the president intends to gather all the facts through a joint report with the Russian Ministry of Finance, according to INC-News.

Vladimir Putin wants to collect data on the ownership of cryptocurrencies

In accordance with the decree “On the National Anti-Corruption Plan for 2021-2024” signed by the President, the Ministry of Finance, the Ministry of Labor and the Russian Central Bank must prepare their proposals for the procedure for verifying information on ownership of digital assets by 15 November.

The official document published on the Legal Information Portal states:

“The Ministry of Finance, with the participation of the Ministry of Labor and the Bank of Russia, should prepare proposals for the procedure for verifying the accuracy and completeness of information on the ownership of digital financial assets, other digital rights and digital currency. It shall submit a report on the results by 15 November 2021. “

The departments are mandated to review and summarize by September 20, 2023, the information provided on the ownership of digital financial assets, digital currencies, and the cost of acquiring them.

Russia is tightening its cryptocurrency regulation

A new rule of the Central Bank of Russia (CBR) has called on exchanges to ban the offering of cryptocurrencies to investors. According to CBR, crypto products are risky due to their high volatility, price problems, limited liquidity, lack of transparency and ambiguous regulations.

Meanwhile, on August 5, it was revealed that Russia was expanding its regulatory framework for cryptocurrencies, which includes plans to monitor BTC and other digital currencies.

According to Rosfinmonitoring, the country’s financial supervisory authority, crypto investors will be monitored by a system that monitors and analyzes their actions. In addition, the technology may be able to identify cryptocurrency users.