Russian officials are working on a law banning cryptocurrency transactions, according to a well-known site that focuses on digital assets.


In particular, Attorney General Igor Krasnov argued that the government is expected to amend the penal code in order to regulate the cryptocurrency market and control cash flows from illegal activities. Speaking at a conference of European prosecutors on Wednesday, Krasnov stressed that cryptocurrencies such as Bitcoin (BTC) are increasingly being used for corruption and bribery, so they will be confiscated.


“The use of cryptocurrencies is a serious challenge in our country,” said the Russian prosecutor, but according to local industry experts, no legislation would allow the government to seize cryptocurrencies.


Crypto currencies were introduced into the Russian legal system just last year and deemed a taxable property. It is also worth noting that Russian public officials were banned from owing any crypto currencies, this year.