Russia hopes legitimizing Bitcoin will thwart crooks

Pinterest

Moiseev pitches this as a bid to fight money laundering. If Russia knows who’s involved in a transaction (as is the case with regular money), it can thwart attempts to disguise crimes by shuttling money abroad. The country has already had success fighting conventional laundering schemes in the past several years, and this would prevent criminals from shifting to digital formats.

This recognition isn’t necessarily going to do much to thwart criminals who use bitcoin to hold devices for ransom (they’re not law-abiding to start with), and it’s certainly not going to affect state-backed hackers that regularly deal in cryptocurrencies. Even so, it’s a big step forward for both everyday Russians hoping to use digital cash as well as people abroad worried that Russia’s policies were letting many criminals go unchecked.

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS

Comments

comments

Filed in: Mainstream Bitcoin Tags: ,

You might like:

Electronics Giant LG is Testing R3's Distributed Ledger Software Electronics Giant LG is Testing R3's Distributed Ledger Software
Celebrity Investor Mark Cuban is About to Participate in His First ICO Celebrity Investor Mark Cuban is About to Participate in His First ICO
Ether Rebounds As Price Rises Back Above $300 Ether Rebounds As Price Rises Back Above $300
Daimler AG Issues €100 Million Corporate Bond in Blockchain Trial Daimler AG Issues €100 Million Corporate Bond in Blockchain Trial
Europe's Second Largest Port Launches Blockchain Logistics Pilot Europe's Second Largest Port Launches Blockchain Logistics Pilot
Pantera Capital to Raise $100 Million in Investment for ICO Hedge Fund Pantera Capital to Raise $100 Million in Investment for ICO Hedge Fund
Blockchain Startup ChromaWay to Launch 'Hybrid Database' Product Blockchain Startup ChromaWay to Launch 'Hybrid Database' Product
CFTC Chief Asks Congress for More Money to Oversee Blockchain CFTC Chief Asks Congress for More Money to Oversee Blockchain
© 2017 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.
Email
Print