Kolokoltsev urged to fight criminal use of crypto-currencies

© RIA Novosti / Vitaly to Belowaverage in fotomancer of internal Affairs of Russia Vladimir Kolokoltsev. Archival photoKolokoltsev urged to fight criminal use of crypto-currencies© RIA Novosti / Vitaly to Belowaverage the image Bank

The Minister of internal Affairs of Russia Vladimir Kolokoltsev called for improved international police cooperation to combat the use of the cryptocurrency and electronic payment systems for criminal purposes, told RIA Novosti the official representative of the Ministry of internal Affairs of Irina Volk.

Kolokoltsev has made this proposal during the 37th conference of the Association of national police, ASEAN (ASEANAPOL) in Singapore. This Association includes the police departments of the Philippines, Brunei, Cambodia, Thailand, Vietnam and other countries of South-East Asia.

«Cryptocurrency and modern electronic payment systems are used for concealment and money laundering and the financing of terrorist activities. In this regard, all the more urgent becomes the task of improving cooperation between the competent authorities to prevent the use of innovative resources for criminal purposes,» reports Irina the Wolf the words of Vladimir Kolokoltseva.

According to her, the Minister, addressing the participants of the conference expressed readiness to conduct coordinated operational activities to combat drug trafficking groups.

Bank of China September 4, banned the ICO because of the financial risks. The regulator said that ICO — unsanctioned and illegal fundraising, which can be associated with fraud and financial pyramids. Initial coin offering — the initial placement of coins (tokens) — attraction of investments into projects in the form of issue and sale of new cryptocurrencies.

From Monday all operation of the ICO in China had to be stopped, while the ICO platform was not supposed to be involved in services for exchange between currencies, Fiat, virtual coins, and tokens.

Earlier, the head of the Bank of Russia Elvira Nabiullina, speaking at a Moscow financial forum, said that the Central Bank will not allow the use of cryptocurrency in the country as money substitutes, since the active payments for their goods and services would create a risk of undermining the currency.