A Russian banking association wants to criminalize the use of non-custodial usually referring to the storage of keys, in relation to wallets or exchanges, a non-custodial setup is one in which private keys are held by the user directly. cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. wallets. The regulation would force users to give their private keys to the Russian government.
A group of Russian banks don’t want people to store their cryptocurrencies on their own.
The Association of Russian Banks (ARB), a non-governmental organization that includes more than 250 Russian banks and financial institutions, is seeking a ban on self-custodial cryptocurrency wallets. As reported by local news agency Izvestia the group of banks has called on lawmakers to criminalize the storage of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies in such wallets.
La organización argumentó que la medida podría ayudar a mitigar los “ serious problems”. with the recovery and seizure of cryptocurrencies from debtors and criminals. The media Cointelegraph y Crypto Briefing collected.
Marco regulatorio para billeteras sin custodia
Self-custodial wallets, also referred to as “unhosted” or “non-custodial”, refer to a software o hardware to store digital assets that is not in the hands of an intermediary or third party.
Unlike accounts on centralized a centralized organizational structure is one in which a single node or a small number of them are in control of an entire network. exchanges, non-custodial wallets allow users to store their cryptocurrencies without fear of blocking or seizure. In simple terms, they allow users to be their “ desk ” assuring them full control over their cryptocurrency and the associated private key. Examples of such wallets include MetaMask an online digital wallet that allows users to manage, transfer and receive Ethereum, operating as an extension to a regular browser. , WalletConnect y Trezor .
According to reports, the Russian Banking Association put together a legislative framework which aims to introduce criminal liability for storing crypto-currencies as a Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. in non-custodial wallets. This means that the regulation would make it a crime to use such wallets, while forcing users to provide their keys to authorized agencies.
The vice-president of the banking association, Anatoly Kozlachkov, revealed to the local media that the regulatory framework was developed in conjunction with the Ministry of Internal Affairs. A letter with the proposal was sent in mid-April to the Bank of Russia, the Ministry of Finance and the Federal Service for Financial Supervision of the Russian Federation for consideration.
However, bankers have acknowledged that regulation entails some technical difficulties due to the anonymity of the owners of self-custodial wallets; as well as limitations on anyone other than the owner accessing the funds.
Hand over your keys or face punishment
In the face of these difficulties, the Bankers Association has placed its focus, not so much on criminalizing the use of such wallets, but on a user’s refusal to provide access, if requested by the authorities.
Kozlachkov assured Izvestia that the organization is now leaning more towards an approach to introduce criminal liability for refusal to provide private keys to authorized bodies. If a debtor or criminal is linked to a self-custodial wallet, they will be given a choice: surrender their keys or face punishment for concealing property in the form of digital assets.
The Association stressed that it would be impossible for Russia to foster a cryptoeconomy if it does not have an appropriate system for the confiscation of digital assets held in non-custodial wallets.
Russia has been working on several, sometimes contradictory, regulatory approaches to digital assets. The Ministry of Finance is drafting a bill which seeks to regulate cryptocurrencies within the existing financial system. On the other, the Bank of Russia has called for a total ban of Bitcoin and cryptomining.
La nación en guerra no es la única que está prestando atención a las billeteras autocustodia. El parlamento de la European Union recently voted a proposal that seeks to limit its use.
- Russian Chamber of Commerce President suggests using cryptocurrencies to trade with African countries
- Bank of Russia acknowledged inability to use cryptocurrencies to bypass international sanctions
- Canadian regulators warn Coinbase, Kraken not to promote self-custody wallets
Article by Hannah Estefania Perez / DiarioBitcoin
Image from Unsplash edited in Canva