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- President Vladimir Putin has directed that various ministries and the central bank prepare to check information on government employees’ digital asset holdings
- The Russian business news portal RBC stated that government agencies and the Bank of Russia had until November 15 to submit their ideas
- By June 30, 2021, Russian authorities were expected to disclose full details about where they purchased digital assets as well as their worth
President Vladimir Putin has directed that various ministries and the central bank prepare to check information on government employees’ digital asset holdings. The decree is part of a new anti-corruption campaign recently authorized by Russian President Vladimir Putin. President Vladimir Putin of Russia has signed a decree establishing the country’s National Anti-Corruption Plan for the years 2021-2024. The Russian president has directed the ministries of finance, labor, and digital development, as well as the central bank, to propose inspections of officials who are required to declare their digital assets and money as part of the new plan.
The Russian business news portal RBC stated that government agencies and the Bank of Russia had until November 15 to submit their ideas. The final inspections must be able to determine how accurate and thorough the information given by the authorities about their bitcoin assets is.
The institutions will also have to examine the present processes for disclosing information about digital asset ownership and controlling expenditures for their acquisition. This assignment has a deadline of September 20, 2023. The Prosecutor General’s Office shall also propose proposals aimed at combating corruption linked to digital financial assets, digital rights (tokens), and cryptocurrencies by July 15, 2024, according to the study.
Vladimir Putin signed an order last year requiring government personnel to disclose their bitcoin holdings. By June 30, 2021, Russian authorities were expected to disclose full details about where they purchased digital assets as well as their worth. Their spouses and children, as well as candidates for public office and their families, are all subject to the requirement. Ordinary crypto investors have nothing to be concerned about for the time being, but they should not relax either, according to Efim Kazantsev, a cryptocurrency specialist at Moscow Digital School.
The Russian Federation’s regulatory procedure in the cryptocurrency field follows a path of tightening the screws, he said, adding that the government’s aim to tighten its grip on the cryptosphere is plain to see.
According to Roman Yankovsky of the Russian Lawyers Association’s Moscow chapter, cryptocurrency is also classified under the Russian statute On Digital Financial Assets as property subject to declaration and monitoring in terms of the origins of the funds spent for its acquisition. Despite the fact that the new presidential order does not directly target private investors, he believes it will have an impact on all market players.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
