The Central Bank of Russia (CBR) now wants to collect the data in cryptocurrency transactions and monitor other commercial banks' activities.
This illustration photograph taken on July 19, 2021 in Istanbul shows a physical banknote and coin imitations of the Bitcoin crypto currency. (Photo by Ozan KOSE / AFP)
These include digital coin trades, money transfers between private individuals, and similar financial activities. CBR released this detail after it accused blockchain exchangers of conducting illegal operations within the country.
As of the moment, cryptocurrencies are still not completely accepted by many governments across the globe. This is because these digital coins are not actually under their control.
Recently, China decided to ban cryptocurrencies because of the issues posed against Asia's energy supply. This is just one of the main reasons many countries want to control the rising blockchain market.
Central Bank of Russia to Collect Crypto Data
According to Bitcoin.Com's latest report, the latest data collection initiative of CBR is a part of its effort to prevent illegal blockchain activities within the country.
A bitcoin symbol is pictured at a cryptocurrency exchange branch near the Grand Bazaar in Istanbul on October 20, 2021, a day after Bitcoin took another step closer to mainstream investing with the launch of a new security on Wall Street tied to futures of the cryptocurrency. (Photo by Ozan KOSE / AFP)
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The blockchain market is not the only one affected by this latest information collection activity. Other financial institutions would also be required to provide additional details whenever they conduct money transfers between their consumers.
Meanwhile, the Russian authorities also announced that they consider regulating cryptocurrency activities, such as mining and trading. However, the country's officials did not confirm if this would be complete control.
Right now, the best thing you can do is wait for the Central Bank of Russia's further announcements.
Crypto Regulations to Arrive?
CNBC reported that more cryptocurrency regulations in various countries across the globe could take place. Of course, this would steer some criticism from the blockchain consumers.
If you are one of those individuals who already own digital coins or mining cryptocurrencies, experts provide some of the things you need to do before these regulations arrive.
These include getting organized, using portfolio management software tools, and other things that would help you keep track of your cryptocurrencies. You can view this link to see more details.
In other news, better BTC stability is expected to happen by 2022. Meanwhile, Coinbase CEO faces a lawsuit over blockchain startup work theft allegations.
For more news updates about cryptocurrencies and other related topics, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
