Russian anti-money laundering is going to identify bitcoin to fiat sales and track them down, as officially stated by the government.
Russian law enforcement will be tracking bitcoin to fiat transactions very closely, according to Rosfinmonitoring, the country’s financial surveillance agency.
Rosfinmonitoring will be paying special attention to bitcoin cash outs, as said by German Neglyad, deputy head of the agency.
“Banks are already taking notice of such exchange operations, meaning that when they see the money coming in after trading virtual assets for hard currency, they calculate the value and notify us,” Neglyad said but did not specify how banks will identify such transactions.
He also stated that Rosfinmonitoring will be adding a classification code in order to track down suspicious transactions of cryptos. According to another interview, he said that criminals in Russia often use Bitcoin, Monero and Ether for terrorism financing for example.
President Vladimir Putin has stepped in to put an end to illegal cross-boarder transactions that involve cryptocurrencies.