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Russian banks intend on disclosing crypto owners identities

By Ramla Soni

The Association of Banks of Russia (ADB) has created a decentralised cryptocurrency turnover concept, suggesting to deploy special programs to recognise the owners of digital currencies, according to Anatoly Kozlachkov, ADB vice president.

According to sources, banks want to completely remove all kinds of obscurity in digital currency transactions and businesses, a concept that will make Bitcoin (BTC) possession facts and figures public, News Affinity stated.

The ADB has also prepared and drafted the framework for cryptocurrency adoption and cryptocurrency circulation.

This framework suggests that owners of digital assets should either reveal their holdings or face criminal liability.

The framework also comes up with a description of the procedure for collecting cryptocurrencies under law enforcement, bankruptcy, and taxation procedures.

It also points out that “authorised market makers” must be able to identify the owners of digital assets when creditors place requests.

The holders of digital assets might also be required to transfer their passwords from electronic wallets to creditors based on the decision and directives of the court.

Russia allowed the use of cryptocurrencies back in 2017, before which they were not considered as a legal instrument.

However, the Association of Banks of Russia is a non-governmental organisation and some of the major Russian banks such as Sberbank, Alfa Bank or VTB are not part of it.

Although, some major Russian bankers are continuing their efforts to deprive cryptocurrency owners of their autonomous status.

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