Illegal Use of Cryptocurrency Largely a Myth, Russian Lawmaker Says

Illegal Use of Cryptocurrency Largely a Myth, Russian Lawmaker Says


Only a small share of cryptocurrency transactions have illicit purposes and the use of digital coins in illegal activities is for the most part a myth, a high-ranking Russian lawmaker has recently stated. Andrey Lugovoy, who is one of the deputies working on new crypto regulations, also said Russia can become a global leader in crypto mining.

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The illegal use of cryptocurrencies is largely a myth, according to Andrey Lugovoy, a member of the working group on crypto regulation at the State Duma, the lower house of Russian parliament. “According to the largest crypto exchanges, no more than 4 to 6% of the cryptocurrency turnover is involved in illegal activities,” the lawmaker told Parlamentskaya Gazeta.

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Lugovoy,

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