Russian Banks do not Want Cryptocurrency Holders to escape from their CreditorsSeptember 26, 2019
Russian Banks are asking for visibility of cryptocurrency owners. They are not interested in working with anonymous transactors.
The cryptocurrency policy of the country is set to change as the various financial institutions are asking for a legal framework, which would facilitate to identify the crypto holders. This will have a significant impact on cryptocurrency adoption in the country.
Anatoly Kozlachkov, Association of Banks of Russia, opines that the rules that are already existing do not provide for a legal framework to set the relationship between Russian Banks and the Cryptocurrency. There are several gaps in the legislation, which permit the indebted to hide their funds in the form of Bitcoin or cryptocurrency. Banks do not want the debtors to get away like that.
The benefits of using cryptocurrency for whatever reason has overshadowed its reputation for not being legitimate. Despite, cryptocurrencies continue to be an attractive proposition. And this is one of the reasons why the technological giant like Facebook is venturing into coming up with its digital currency.
If cryptocurrencies and security tokens got legalized, the banking sector, the real estate sector, and the online gaming sector would be those who will be most benefited.
Significant cryptocurrency transactions are hitting the headlines, and more of such are in the queue.
Cryptocurrencies are time and again being labeled securities and they are being pulled under the umbrella of securities. Ted Livingston, CEO Kik Interactive Inc. in this regard, stated, “We have to keep going. Until that’s it, we don’t have a dollar left, a person left. We will keep going, no matter how hard it is.”
Regulators are making things hard for cryptocurrencies as they are asking for more transparency in the process. With regulators interfering, it is getting harder for cryptocurrency companies to pull in adoption.
Breaking currency monopoly is the immediate need for the current global economic system. Ted further stated, “Cryptocurrencies are the only way, the only tool we have now that we can counteract that, where we can build a new economy with a new form of money where we can rewrite the rules for how wealth and value are created in a global society.”
While China has banned crypto, even their government realized the financial potential of the cryptocurrency. By partnering with some established cryptocurrency firm, China will be able to do a lot of good to their economy according to some analysts.