Russian crypto-currency will threaten AML efforts

Targeting individuals and companies could be impossible with digital currency, write academics

russia-ruble-note
Paperless trails: transactions are recorded via blockchain and verified by a centralised government authority

Russia is preparing to issue a government-backed crypto-currency, CryptoRuble. Unlike decentralised crypto-currencies such as bitcoin and Ethereum, there is no mining involved in CryptoRuble – all transactions are recorded via blockchain and verified by a centralised government authority.

The implications are worrying: such a system could be a means for a state to exert control or evade controls – including sanctions. Run badly, it could also become a haven for dirty money.

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