Vladimir Putin Puts His Foot Down On Illegal Cross-Border Crypto Transactions

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Russia’s President, Vladimir Putin, rallied his troops to focus more on locating and subsequently locking down illegal cross-border transactions of digital assets. As per his speech at this Wednesday’s General Prosecutor’s office board meeting, Putin said that criminals taking advantage of cryptos have remained rampant, and now is the time to put a stop to that. To be more specific, Putin states that additional special measures are now required to prevent even further illicit cross-border crypto transactions.

That being said, Putin did not elaborate further on what constitutes an illegal cross-border transaction utilizing digital assets, which makes it still unclear to the public what violations the President precisely meant. This further reinforces the notion that Russia’s legal framework regarding the crypto space is still inconsistent, with its courts banning crypto websites from time to time – regardless of how popular it is, such as Binance.

While Putin’s intentions appear to be good in nature, it is hard to determine whether it would be for the betterment of the Russian crypto space or not. Interestingly, the Russian President’s remarks on such an issue came amidst the escalating hostile relations the country has with the United States.

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