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Russia & Turkey Will Work Together to Combat Illegal Crypto Activity

  • Russian and Turkish law enforcement and judicial officials are working together to combat the illegal usage of cryptocurrencies.

  • The collaboration was agreed upon during Russia's Prosecutor General's visit to Ankara.

11 Nov 2022 By: Rohit Tripathi
Russia & Turkey Will

The Russian Federation's Prosecutor General, 

Igor Krasnov, and Turkey's Minister of Justice, Bekir Bozdag, have signed a fresh two-year partnership deal. The high-ranking officials met in Turkey's capital.

As per reports, one of the areas where the parties intend to coordinate efforts is the battle against cybercrime, which includes cases involving unlawful usage of cryptocurrencies and other virtual assets. Following the signing of the agreement, Krasnov emphasized Russian experience in the field.

Krasnov also mentioned a draft convention on combating the use of advanced tech in crime, which was submitted to the UN last year. He stressed that Russia's proposal is to criminalize a wide variety of activities because such technologies are frequently used to propagate extreme beliefs, & affect political regimes, and ordinary people's thoughts.

At the same time, Western nations, according to the Russian Prosecutor General, want to restrict their view of cybercrime to a restricted circle of computer crimes, which, in our opinion, does not capture the heart of the problem.

Russia has been subjected to ever-increasing sanctions imposed by the West in response to its protracted invasion of neighboring Ukraine. Its own capacity to exploit crypto assets to overcome the imposed limitations, which have severely restricted Moscow's access to global markets and finances, was also targeted. As a result, Russian authorities are considering allowing cryptocurrency payments in cross-border trade.

Payments made with Russian Mir cards were also prohibited in several countries, however, numerous Turkish banks continued to accept them. Due to US pressure, two of these lenders suspended operations with Mir. However, according to Turkish media sources, President Recep Tayyip Erdogan has proposed developing a new payment system with Russia as an alternative.

What are your opinions on Russia and Turkey's recent collaboration? Please share your thoughts in the comments box below.

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