According to Russian news agency TASS, lawmakers are prepared to use powers that could allow them to seize digital currency earned illegally or in connection with a crime in order to combat the country’s swelling flood of ill-gotten digital currency gains. Prosecutor General Igor Krasnov said the use of cryptocurrency by criminal elements in Russia was a big concern for law enforcement at a conference in St. Petersburg.
Authorities needed more authority to deal with criminals who used digital currencies
The Prosecutor General went on to say that authorities need more tools to deal with people who are illegally using digital currency. Last year, Russia passed its first crypto-related legislation. The new measures are expected to change the country’s criminal and penal statutes, giving law enforcement the authority to impose restrictive restrictions and confiscate digital currency. Financial regulators throughout the world are concerned about the use of digital currency in criminal operations.
Bribes allegedly paid in digital currency have been a source of concern
According to Krasnov, a specific issue has arisen over the alleged use of digital currencies for bribery, which is more difficult to detect than traditional forms of corruption involving fiat currency. According to a representative for Rosfinmonitoring, Russia’s financial surveillance agency, plans are in the works to track digital currency cash-outs and create a new code classification for suspect digital currency transactions. In Russia, digital currency has also been used to raise funds for political and civil activities. The increased regulation is also expected to have an impact on how they generate funds using digital currency.