During the Cybersecurity in Finance forum, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, said that identification for working on crypto exchanges will be similar to that in banks, using a passport.
If Cryptocurrency Exchanges Are Legalized, Passport Use May Be Mandatory
The State Duma’s representative stated that crypto exchanges should operate similarly to banking infrastructures, utilizing an identification system once legalized. Additionally, the draft law on mining may include decisions regarding liability for any illegal cryptocurrency transfers upon its completion. Thus, it is essential that these measures are taken before legalizing such activities to protect consumers against potential fraudulent actions.
Crypto Exchanges Can Allow “Illegal” Transactions
Stanislav Kuznetsov, Sberbank’s Deputy Chairman of the Board, revealed that there have been unprecedented levels of illegal transfers from crypto exchanges in Russia to crypto accounts. Over ₽500 million worth of bitcoin was allowed to be withdrawn without any user validation being done. Additionally, large sums are sent out directly to Ukraine, with no identification documents even being presented!
Also, Russia May Start Using Digital Ruble Soon
During the forum, Elvira Nabiullina, head of the Central Bank of the Russian Federation, declared that safety would be a primary factor during testing for the digital ruble. She stressed that security should be ensured from the start to protect citizens’ funds kept in their wallets. “The prototype was designed with this purpose in mind,” she stated emphatically.
Nabiullina has declared that tests for realistic scenarios are in process, and the Central Bank will prioritize security issues first.
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