Search Inside Bitcoins

Tracking Crypto and Fiat Transactions: Russia’s New Initiative

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

In a collaborative effort, the Bank of Russia and Rosfinmonitoring are developing a platform to uncover links between cryptocurrency transactions and traditional fiat operations. This initiative is part of broader efforts to assess the scope of the domestic cryptocurrency market. The financial watchdog of the country, Rosfinmonitoring, in conjunction with the central bank, is piloting this new system.

Russia Advances in Crypto-Fiat Transaction Tracing

Ilya Bushmelev, director of project portfolio management at Innotech, shared insights at a forum hosted by Rosfinmonitoring. He disclosed that the system is in the pilot phase, being tested by five undisclosed financial institutions. The pilot is set to continue until the end of May, though it could be extended depending on the findings.

Bushmelev emphasized that the pilot aims to develop a fundamental understanding among financial institutions of the necessary tools and procedures for crypto compliance. This includes the implementation of “know-your-crypto-client” and “know-your-crypto-transaction” protocols. Whether the pilot has yielded positive results so far remains unclear as of the latest updates.

This new measure is a part of Russia’s ongoing strategy to address the challenges posed by the integration of cryptocurrencies into the traditional financial system. In October 2023, Russian legislator Anton Tkachev mentioned that a local bank began monitoring its clients’ cryptocurrency activities. This move is intended to help frame regulatory policies for the involvement of state corporations in the crypto sector. However, details on the outcomes of this monitoring effort have not been publicly shared yet.

Additionally, international attention is focused on the potential for cryptocurrency transactions to link back to Russia. Authorities in both the U.S. and U.K. are investigating whether over $20 billion could have transited through the Russian sanctioned crypto exchange Garantex. It is still uncertain whether the efforts by Russia’s central bank and Rosfinmonitoring are specifically targeting Garantex-related transactions or all cryptocurrency activities within their financial system.

Exploring the Multi-Chain Capabilities of Dogeverse: A Promising Meme Coin Presale

Dogeverse stands out as a unique cryptocurrency, characterized by its chain-hopping capabilities across six different blockchains, promising numerous advantages for both short-term and long-term investors. With its distinctive universe centered around Cosmo, a charming Shiba Inu, Dogeverse brings a fresh approach to the meme coin market.

This meme coin not only operates on well-known blockchains such as Ethereum, BNB Chain, Polygon, Base, Solana, and Avalanche, but it also showcases the potential to evolve beyond its initial meme-focused origins. The interoperability of Dogeverse enhances its appeal, allowing access to a broad range of cryptocurrency enthusiasts. Each blockchain offers distinct benefits, from Solana’s cost-effectiveness to Ethereum’s pioneering features, and the newly introduced Base chain, widening its reach and appeal.

Moreover, Dogeverse plays a crucial role in bridging the divides within the blockchain community. By being present on multiple chains, it helps unify users who may otherwise be separated by platform preferences. Integration with technologies like Wormhole and PortalBridge aids in knitting a strong, interconnected community across various platforms.

The narrative of Cosmo, the mascot of Dogeverse, adds a mythical layer to its community engagement. Each blockchain’s followers might develop unique stories about Cosmo, potentially elevating him to a legendary status that could rival even Dogecoin in popularity.

Regarding its technical specifics, Dogeverse boasts a total supply of 200 billion tokens, with 30 billion allocated for a structured presale spanning ten stages. The token pricing will incrementally rise from $0.0000290 in the initial stage to $0.000299 in the final stage, aiming to meet a soft cap of $8.83 million and a hard cap of $17.002 million.

The launch has been met with significant enthusiasm, collecting over $300,000 on its first day alone, indicating strong market interest. Prospective buyers and crypto enthusiasts are encouraged to learn more and participate in the presale by visiting the official website:

Visit Dogeverse

Related News

Smog (SMOG) - Meme Coin With Rewards


Smog token
  • Airdrop Season One Live Now
  • Earn XP To Qualify For A Share Of $1 Million
  • Featured On Cointelegraph
  • Staking Rewards - 42% APY
  • 10% OTC Discount -
Smog token

Join Our Telegram channel to stay up to date on breaking news coverage

Read next

Don't see the answer that you're looking for?

Ask us Now!