Russia's president, Vladimir Putin, has called for "additional measures" in fighting against illicit cross-border cryptocurrency transactions.
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During his meeting with the Prosecutor-General's Office, Putin emphasized that criminal gangs are increasing the use of cryptocurrencies. This activity should be closely regulated by the Prosecutor-General's Office in a cooperation with colleagues from other law-enforcement agencies, including Rosfinmonitoring, Putin said.
In December 2020, iHodl reported that the majority of bitcoin (EXANTE: Bitcoin) transactions on LocalBitcoins was carried out by users from Russia (17.4%), Venezuela (12.3%) and Colombia (11.3%).
The leadership of Latin American countries in LocalBitcoins was the result of the high inflation these countries suffer and the desire of their citizens to protect their savings, while Russians preferred the peer-to-peer platform due to the strict capital controls and regulation.
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