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[Josemendez]

News gathered from finbold has shown that Russian financial regulators are on the plans to monitor crypto to Fiat currency transactions.

This was made known by the deputy head , Russia finance monitoring service , German Neglyad . He explained that already banks has started reporting any form of virtual to Fiat currency transactions. This according to them was aimed at reducing money laundering .

 

[Binita100]

Its good , money laundering do have effect on the economy , so monitoring it is to checkmate it , but what if the person moves to another country to convert to flat then comes back to Russia to spend ?

 

[Josemendez]

Its good , money laundering do have effect on the economy , so monitoring it is to checkmate it , but what if the person moves to another country to convert to flat then comes back to Russia to spend ?

Alternatively peopt can launder Fiat currency and exchange it to cryptocurrency . So the law will checkmate both ways and ensure that culprits are caught .

 

[Binita100]

Alternatively peopt can launder Fiat currency and exchange it to cryptocurrency . So the law will checkmate both ways and ensure that culprits are caught .

I hope they plan that, its the politicians that involves themselves most in money laundering , i hate to hear people use crypto currency for illegal transaction

 

[crypworld]

It's a good initiative Russia has taken. To a great extent they can check and prevent money laundering in the country.

 

[Niftyicon]

This is clear warning for criminals that business wouldn't be the same again. It is a very good step taken by the government to curb crime.

 

[Brain]

News gathered from finbold has shown that Russian financial regulators are on the plans to monitor crypto to Fiat currency transactions.

This was made known by the deputy head , Russia finance monitoring service , German Neglyad . He explained that already banks has started reporting any form of virtual to Fiat currency transactions. This according to them was aimed at reducing money laundering .

There's nothing wrong with this I think it is a very good decision. It will help in reducing the issue of money laundering which is huge issue for a country

 

[Wisdom01]

good that they are monitoring transaction like this ,I think the government have various reasons for doing so ,it could be that that the government want to introduce tax or reduce crime activities ,Like for instance money laundering , although with the Ukraine and Russia war at stake I haven't gotten any information on this

 

[iamawriter]

In India there is a 30% tax on such transactions. No exemption on losses incurred either. Gifting of crypto currency will get the receiver liable for tax. The cost of acquiring crypto will however be allowed for deduction.

 

[BullyMaguire]

Given that there's alot of crypto currency scam going on and illegal activities involving people using crypto currency.. i think that's a good idea.. you have no reason to be scared if you don't do anything illegal or can get you trouble.. i would probably feel more secure that way because that means even frauds gets monitored

 

[Ben Kempton]

good that they are monitoring transaction like this ,I think the government have various reasons for doing so ,it could be that that the government want to introduce tax or reduce crime activities ,Like for instance money laundering , although with the Ukraine and Russia war at stake I haven't gotten any information on this

Well, I am sure that they have implemented this policy in order to track how much the amount of cryptocurrencies are being converted to fiat currencies. This could also help them a lot to establish a good system of taxation process when it comes to cryptocurrency holders. My country does not have a system like this right now.

 

[Wisdom01]

Well, I am sure that they have implemented this policy in order to track how much the amount of cryptocurrencies are being converted to fiat currencies. This could also help them a lot to establish a good system of taxation process when it comes to cryptocurrency holders. My country does not have a system like this right now.

same with my country ,the government doesn't even seem to support the crypto currency project as they want to ban it ,but the dont know that there is a way they could make more revenue from cryptocurrency by taxing cryptocurrency ,that's the problem that is lagging in this country at this moment

 

[Ben Kempton]

same with my country ,the government doesn't even seem to support the crypto currency project as they want to ban it ,but the dont know that there is a way they could make more revenue from cryptocurrency by taxing cryptocurrency ,that's the problem that is lagging in this country at this moment

The government does not seem to have a good plan and this is why they simply seem to ban cryptocurrencies. A few months ago, I was reading the news that the government in here would block all the websites related to cryptocurrency trading. However, even this strategy will never work because many people have access to VPN and there are many other ways to trade in cryptocurrencies.

 

[Wisdom01]

The government does not seem to have a good plan and this is why they simply seem to ban cryptocurrencies. A few months ago, I was reading the news that the government in here would block all the websites related to cryptocurrency trading. However, even this strategy will never work because many people have access to VPN and there are many other ways to trade in cryptocurrencies.

I think China actually blocked some crypto currency exchange website like binance then when they banned cryptocurrency , they set up firewall , but I still think some were still able to access it through vpn , I think the only problem is that only few exchange platform allows the use of vpn

 

[Horia_10]

The reason countries have banned Crypto are the economic conditions for a country and those countries that have banned it , you have to trust your authorities , if it was beneficial for you the authorities would had never banned it , and had collected taxes as well , but i consider a ban much better than rather paying taxes on such as asset .

 

[Wisdom01]

The reason countries have banned Crypto are the economic conditions for a country and those countries that have banned it , you have to trust your authorities , if it was beneficial for you the authorities would had never banned it , and had collected taxes as well , but i consider a ban much better than rather paying taxes on such as asset .

ban is actually worst , because when paying taxes you are still free to trade cryptocurrency the way you want , that's why you see lot of countries intiating am regulatory framework instead of a ban , because it's even hard to ban cryptocurrency fully