The Russian police have confiscated a large number of Bitcoin exchange machines in the country. The authorities seized the machines in nine cities across the country.
The government of Russia is always against any form of financial crimes, especially any means that a person, group of individuals can sponsor terrorism-related activities, but critics are wary on the reason why the authorities decided to confiscate BTC ATMs situated around the country.
Insiders reveal that the Cryptocurrency ATMs belongs to BBFPro and the operations spread from restaurants to trade centers and shops across the country. The firm admits that the action of the Russian police cannot be regarded as a witch hunt but for research, as they want to know how these machines are controlled.
The firm, although, is not accusing the police of any conspiracy against them, but it said that it would press charges against the government and demand that the government pays for damages, as their properties were illegally confiscated by the authorities, without going against any known rule, injunction or standing order.
The firm, through its legal representative, said in a statement that “there is no ban on the purchase of cryptocurrency in the current legislation. The company complies with all the procedures established by law, it pays taxes, and even identifies uses despite the absence of such mandatory requirements,” said Darbiyan, a digital rights activist.
Meanwhile, the firms’ executive is of the opinion that the directive was from the Central Bank of Russia, and sanctioned through the office of the federal prosecutor.
Although BBFpro is a legal company operating legally in Russia, investigations reveal that the Central Bank of Russia has always been skeptical about crypto crimes and other ways of using cryptocurrency to carry out illegal activities in the country. Nevertheless, nothing has pointed out that the company is involved in any unlawful operation yet nor have they been linked to any of such activities yet.
Russia is known for its no-nonsense approach to crimes, especially when it involves financial crimes, which virtual currency is an integral part of. The federal government in Russia recently decided to track its citizens’ cryptocurrency wallets and their crypto transactions.
The government, when questioned on their motive did not give any particular reason, but sources indicate that it is a means to curb the financial crimes that have become prevalent in the country and seize every available opportunity to reduce criminality in the country.