Russia To Track Bitcoin-To-Fiat Sales

Authorities in Russia are planning to track transactions involving the exchange of bitcoin for rubles, according to a report from the local news agency Regnum.

Per the report, the country’s deputy head of Moscow’s financial monitoring service Rosfinmonitoring, Herman Neglyad, announced the plan during a governmental meeting

According to a translated version of the Regnum report, Neglyad said that financial institutions in the country like banks have already begun to report transactions involving the exchange of cryptocurrencies like bitcoin for fiat currencies. Per the report, he said that “banks have already begun to pay attention to exchange operations, that is, when they see that an operation has come after the exchange of virtual assets for hard currency, they have already begun to evaluate them and actually inform us about these operations.”

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