Russia Plans to Mandate Identity Checks for Bitcoin Buyers

The Deputy Finance Minister of Russia, Alexei Moiseev, mentioned this week that cryptocurrency buyers in Russia will be required to prove their identification under impending regulations. In a month, the Russian Finance Ministry will finalize proposals for cryptocurrency law, according to TASS, the Russian state-owned information company.

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Alexei Moiseev said:

“The Ministry is proposing to change the transaction of cryptocurrencies usage concepts that apply to economic instruments including derivatives. A key element of the regulations could be a mandate for identity of cryptocurrency. If you need to purchase any monetary product, you need to show passport, fill out an agreement, and write which you aren’t an American taxpayer. The same have to apply here.”

This function is in step with the sentiment from Elvira Nabiullina, the Governor of the central bank of Russia, who mentioned that the Russia is likely to treat the bitcoin as a digital asset rather than a cryptocurrency.

BTC

The information follows word that the financial institution of Russia, the Russia’s crucial bank, is transferring beforehand with new rules that would apprehend bitcoin and other cryptocurrencies as virtual items, with relevant tax imposed.

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