Russia’s Central Bank and Rosfinmonitoring unveil pilot of fiat-to-crypto tracking system
According to reports, since 2023, Russia has been trying to track cryptocurrency transactions and their sources. The Russian Central Bank and the Federal Financial Monitoring Service (Rosfinmonitoring) revealed that there is currently a system that allows private banks to track the connection between fiat-based transactions and cryptocurrency business.
The announcement was made at the "Current Anti-Money Laundering/Anti-Terrorist Financing Issues" forum organized by Rosfinmonitoring. The forum also disclosed that the pilot project started in 2023, and five large credit institutions are cooperating with Rosfinmonitoring. It is expected to continue until April next year, but it can also be extended.
Ilya Bushmelev, the portfolio management director of Rosfinmonitoring's partner Innotech, said that the pilot project may help banks establish "know your crypto customer" and "know your crypto transaction" procedures, and pointed out that the system may be useful for compliance and regulatory purposes. (Bitcoin.com)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP rises over 20%, spurred by favorable regulatory environment, ETF filing
The price of Ripple’s XRP token has rocketed up over 20% in the past 24 hours, likely buoyed by hopes of a favorable regulatory environment and the resolution of its long-running legal battle with the SEC.21Shares recently filed for an XRP ETF, hoping to bring a fund to market in the likeness of its spot Bitcoin and Ethereum ETFs.
Miner Greenidge Generation Wins Court Case and Will Continue Operations
Dogecoin Investors Drop Class Action Lawsuit Against Elon Musk
Bitcoin Depot Crypto ATM Operator's Revenue Drops 25%