· Russian Financial Monitoring Agency cooperates with SPI to track digital currency transactions
According to the BBC Russia, the Russian Financial Monitoring Agency has partnered with the Moscow Institute for Security and Information Analysis (SPI) to make it easier to track digital currency transactions through an analysis software. But the use of the software does not represent an expansion of the agency’s monitoring power. It is reported that the agency is responsible for investigating financial fraud, money laundering and terrorist financing, and has long been skeptical about digital currency. In a statement in 2014, it was claimed that digital currencies such as Monero coin, which focus on privacy, are actively used in drugs, weapons, counterfeit documents and other criminal transactions, and the use of digital currency itself is money laundering. Or evidence of terrorist financing. It is understood that the US Internal Revenue Service has been cooperating with Chainalysis to detect tax evasion since 2015, so Russia is not the first country to cooperate with technology companies in an attempt to decrypt encrypted transactions.
· South Korea’s Gyeongsang Province plans to issue its own cryptocurrency to replace local currency
According to South Korea’s Central Daily News, South Korea’s Gyeongsangbuk Province plans to issue its own cryptocurrency to replace the local currency of its nine cities. the currency tentatively named Gyeongbuk coin, and is expected to issue the first round of 100 billion won in the first half of next year. $90 million), digital currency can be used for payment within the province, merchants can receive using the QR code of the smartphone.
· Venezuela sets new rules for bank remittances Bitcoin users or face stricter constraints
According to Bitcoin Magazine, the Venezuelan government has set new rules for bank remittances, and the country’s bitcoin currency users may face tighter constraints. In a letter to “All Banking Institutions”, the government has ordered all domestic banks to disclose the IP addresses, financial details, transaction amounts and locations of all citizens who receive services from abroad. According to this measure, the national citizens need to inform the bank of the travel situation before leaving the country and specify the destination and departure time. In case of violation of regulations, banks can “develop special conditions that limit the ability of customers to conduct online transactions”. If they are found to use services abroad, banks can lock their bank accounts. The bank is required to report the name of the transaction holder, the identification of the asset, the place of birth and date, the date on which the restriction was imposed, and the IP address accessed by the citizen. If the regulations are not followed, the corresponding sanctions will be imposed.