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Government Of Russia To Start Tracking Bitcoin Transactions By 2019



According to a recent report by BBC Russia News, the Russian government is actively looking at Bitcoin for some time now – as well as ways to potentially implement a system that will allow tracking of every Bitcoin transactions.

As the report says, the system will be put to action within a few months and will not be tied to Bitcoin transactions only – as it will support all sorts of transactions in general.

The first deputy chairman of the Bank of Russia, Olga Skorobogatova, recently said that the banks have no plans on allowing the trading of cryptocurrencies. As she pointed, Russia wants to implement a law that states that the transaction of Digital Assets can only be done through licensed authorities.

However, the advisor of President Putin believes that actions like these are more than necessary – mostly because of the Anonymity features of the cryptocurrencies as they can be used to fund illicit activities and purchase illegal goods.

This proves that there is a big fight for the normal and everyday usage of cryptocurrencies in Russia – and it is likely to become even worse if the government pushes the idea of a fiat-based currency. In such a scenario, cryptocurrencies will go undetected and will be available only to the wealthy.


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