Rosfinmonitoring calls the condition for the use of cryptocurrencies in international settlements

According to the department’s director Yury Chikhanchin, this is possible if the chain of transactions is controlled

11.07.2022 - 06:45

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What’s new? Federal Financial Monitoring Service (Rosfinmonitoring) Director Yury Chikhanchi said that the use of cryptocurrencies in international settlements is acceptable provided that the entire chain of transactions is controlled. He also added that the use of digital assets as a means of payment in Russia is prohibited by law. The official revealed this at a meeting in the Federation Council as part of the discussion of ways to optimize the work of companies promoting products and services in international markets.

Information on the Parlamentskaya Gazeta website

What else did Chikhanin say? He also spoke about the recent launch of a software product that allows Rosfinmonitoring to track both the sender and the recipient of cryptocurrency. According to Chikhanchin, thanks to its use, the department’s employees have already detected a number of offenses and several criminal cases have been opened. In late July, he also said that digital assets are used by Russian citizens in illegal activities, referring, in addition to speculation, to the financing of terrorism, extremism, and cybercrime. Chikhanchin added that Rosfinmonitoring, jointly with the Federal Security Service and the Ministry of the Interior, was conducting about 400 investigations.

On July 6, the Russian State Duma passed a law on the regulation of the circulation of digital financial assets (DFAs), which provides for a ban on payments for goods and services with them within the country.

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