Russia's Bold Move: Digital Ruble to Face Money Laundering Scrutiny In a groundbreaking development, Russia is taking
money laundering controls to the digital realm with a new bill. Lawmakers, led by Anatoly Aksakov, are championing Bill No. 576830-8, aiming to combat
terrorism financing and money laundering in
digital ruble transactions.
If passed, the Central Bank of Russia will become the frontline warrior against illicit activities. It will assess the risk profiles of participants and wield the power to block suspicious users from accessing digital ruble services.
Reporting duties won't be left behind either. The central bank will have to notify Rosfinmonitoring, the national financial monitoring service, about transactions that warrant mandatory scrutiny.
Aksakov has been vocal about the need for "serious controls" since crypto's legalization in Russia. This move aligns with his vision of keeping a close eye on cryptocurrency usage to curb money laundering and terrorism financing.
While the digital ruble is still in its pilot phase, officials are eyeing a 2025 launch. These proactive measures underscore Russia's determination to stay ahead of the game when it comes to embracing digital assets nationwide.
