Russia Seeks to Remove Cryptocurrency Anonymity

All the leading banks in Russia have decided to remove various forms of anonymity prevailing in the cryptocurrency dealing. The banks are now keen to make all the crypto ownership facts and figures public, according to media reports.

According to a report, the Association of Banks of Russia has chalked out plans to use various special programs that would allow anyone to find out how much cryptocurrency any other individual owns. The Association of Banks of Russia includes all the leading names of Russian banks and financial institutions.

Anatoly Kozlachkov, vice president of the Association of Banks of Russia, said that some similar types of programs are already in use. These programs have been used by the country’s law enforcement agencies. However, Kozlachkov perceives a situation in which a service provider would run a crypto search network that would make it possible for the common man to run crypto checks on any other individual.

He further said that the easiest instance would be a case whereby you have the familiarity that someone who owes you a huge amount of money has Bitcoin holding. However, as of now you can do nothing in a condition like this as trading remains largely anonymous. There are no legal methods in existence as well to obtain this information.

According to a report, Kozlachkov also came up with a suggestion that courts should be given debtors’ crypto holding information. Also, courts should be allowed to force the said debtors to hand over wallet passwords or face criminal case.

We are keen to take cryptocurrencies from the possession of fraudsters, but at the same time we want to give people the opportunity to use cryptocurrencies legally and pay taxes on their earnings, added Kozlachkov.

Earlier, authorities in Russia had given mixed reviews about cryptocurrencies. There were reports that the country was exploring the creation of gold-backed cryptocurrencies. At the same time, there were also statements by Elina Sidorenko, chairwomen of the state Duma’s cryptocurrencies group, that Russian Federations were yet to get ready to combine the country’s traditional financial system with cryptocurrencies.

When President Vladimir Putin was asked if Russia would introduce its cryptocurrency, he said immediately that Russia could not have its cryptocurrency by definition just like any other nation cannot have its cryptocurrency. He said that the country’s government considers issues like mining cryptocurrencies quite carefully.  However, at the same time, Putin also said that Russia is carefully considering this phenomenon to comprehend how it can participate and use it.

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