Russian lawmakers are working on new legislation that would allow confiscating cryptocurrencies. The new legislation would enable authorities to seize cryptocurrencies obtained from illegal activity.
Why do Russian authorities want to confiscate cryptocurrencies?
Russia is affected by corruption! And Russian lawmakers think that cryptocurrencies would facilitate crime a lot.
Russian Prosecutor General Igor Krasnov stated:
“The criminal usage of cryptocurrencies poses a serious challenge in our country.”Igor Krasnov, Russian Prosecutor General
Is this the beginning of a new FUD wave?
Probably not! Russia’s impact on the financial market is not comparable to China’s. In addition, Russia has problems with corruption for decades now!
Russia’s corruption problem is way more complex.
So, Bitcoin is not a problem for Russia. Russia just has a massive corruption problem.
Still, it is important to highlight that Russia does not ban cryptocurrencies. They just want to confiscate cryptocurrencies obtained from illegal activity.
But the question is how Russia thinks to confiscate cryptocurrencies effectively. Russia has some strategies but if Russia succeeds with them it is yet to see.