The Russian official is concerned about the criminal use of Bitcoin and other cryptocurrencies. As such, he aims to tighten KYC requirements for transactions surpassing USD 900. Those transactions will need to be monitored by and registered with Russian authorities for further analysis.
These latest developments confirm that regulating Bitcoin and other cryptocurrencies is a lot more difficult than originally assumed. At the same time, this newly proposed amendment shows Russian officials have no intention of banning Bitcoin activity, but mainly want to bring more legitimacy to this booming industry, according to Crypto Mode.
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