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Home / Bitcoin Usage / Identity Checks Planned For Bitcoin Users By Russian Finance Ministry

Identity Checks Planned For Bitcoin Users By Russian Finance Ministry

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Bitcoin has been a subject of much discussion in the Russian government as officials explore to what extent it should be regulated and controlled. Recently, the deputy finance minister also revealed plans to enforce identify verification checks to monitor and regulate bitcoin trade. More information regarding the nature of these checks is yet to be decided by the state.

russian bitcoin regulation

“If you want to buy any financial product, you need to show passport, fill out a contract, write that you are not an American taxpayer. The same should apply here,” Moiseev added.

It has become clear the state aims to regulate the technology as an asset which would allow it to be taxed and treated as an investment product which usually do require verification checks in the interests of the state and the consumer alike.

“We don’t consider that bitcoin can be considered as a virtual currency. It’s more digital assets with the regulation of assets,” Nabiullina told CNBC in a TV interview.

This comes as china too enforced onerous identity verification and AML processes for bitcoin withdrawals. These include video verification and even passport and such documents which were to be required by exchanges as regulations were tightened.

To conclude, regulations are already being drafted up by the Russian state to regulate the use of cryptocurrencies and the use of blockchain technology in the country. Officially recognizing the currency does come with its legal benefits considering taxes will be easier to calculate and business will able to utilize the cryptocurrency for consumer applications too.  Â

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