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Russian security forces will fight ...

Russian security forces will fight against bribes in cryptocurrency
CONTENT

  • Security officials hope to fight corruption in the country by monitoring cryptocurrency transactions

  • Kazakhstan considers the possibility of introducing cryptocurrency to combat bribery

  • The Ministry of Digital Industry of Ukraine is ready to monitor cryptocurrency transactions

International consortium of news organizations developing transparency standards.

Russian security forces will fight ...

This was stated by the Deputy Chairman of the Government of the Moscow Region – the head of the Main Directorate of Regional Security of the Moscow Region Roman Karatayev. He is confident that the adoption of the law “On digital financial assets” will contribute to the fight against corruption in the country.

“Rollbacks” in Bitcoin will no longer work

In fact, the adoption of the law “On Digital Financial Assets”, which comes into force on January 1, 2021, legalized the circulation of cryptocurrencies and equated digital coins to means of payment, created the necessary legislative framework to fight corruption. After all, earlier bitcoin and other coins were not considered payment units and were not subject to tax declaration, which allowed corrupt officials to easily receive bribes in cryptocurrency and remain unidentified.

“In Russian legislation, the legal status of the virtual currency was not fixed, which made it impossible to recognize it as an object of civil rights and made it difficult to qualify the illegal transfer of cryptocurrency as a bribe,” said Roman Karataev.

As a result of the adoption of the Law “On Digital Financial Assets”, amendments and additions were made to other legislative acts aimed at combating corruption:

Russian security forces will fight ...

  • to Federal Law No. 79-FZ dated 07.05.2013 “On the prohibition of certain categories of persons to open and have accounts (deposits), store cash and valuables in foreign banks located outside the territory of the Russian Federation.” Digital financial assets and digital currency issued in foreign information systems are classified as prohibited from possession;
  • to the Federal Law of 03.12.2012 No. 230-FZ “On control over the compliance of expenses of persons holding public office and other persons with their income.” Officials will have to declare the availability of cryptocurrency and report on all transactions for the purchase of virtual currency and sources of funds for its purchase, if the total amount of such transactions exceeds the family’s income for the reporting and three previous years.

Thus, the security forces intend to put an end to bribes in cryptocurrencies, which can reach millions of rubles.

Blockchain against corruption

Russian security forces will fight ...

The use of blockchain technology really makes the process of transferring funds transparent and understandable, which means that any cryptocurrency transaction can be tracked and identified. Therefore, the leaderships of some countries are lobbying for the introduction of digital currencies into permanent circulation, intending in this way to eradicate bribery in the country. Earlier, BeInCrypto reported that the head of the Anti-Corruption Agency of the Republic of Kazakhstan, Alik Shpekbayev, came up with an initiative to use cryptocurrency to combat bribery among officials.

“First, it will cut the cash so bribe-friendly. Secondly, it will provide full transparency of the movement of budgetary funds during public procurement, ”Shpekbayev commented on the need to launch cryptocurrency.

Ukraine also intends to follow this path. Already today, the Ministry of Digital Transformation, together with the analytical company Crystal Blockchain B.V., created by the Bitfury Group, are working on the creation and implementation of a service for tracking cryptocurrency transactions. All cryptocurrency transactions over $ 1080 will be under the close scrutiny of the Ministry of Finance. If any of the transactions seems suspicious, then it can be blocked until the circumstances are clarified. By the way, this approach to monitoring cryptocurrency transactions is put forward by the FATF organization, which is fighting money laundering around the world..

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