Russian financial regulators are considering introducing additional measures on cryptocurrency-to-fiat conversion involving banks.
According to Russia’s Financial Monitoring Service, Rosfinmonitoring deputy head, German Neglyad, the move is meant to weed out money laundering incidents and other related vices.
Under the proposed regulations, the Risfinmotoring will track the utilization of proceeds from cryptocurrency after the conversation to fiat. However, cryptocurrency proponents believe the move is laying the ground for abolishing digital assets like bitcoin. Banks already monitoring crypto proceeds
German confirmed that banks are already monitoring transactions.