Industry experts reveal a possible method for Bank of Russia to block crypto
Bank of Russia’s crypto restrictions through MCC would unlikely affect exchanges that have been operating illegally so far. Amid the ongoing uncertainty about the future of cryptocurrencies in Russia, one local industry executive has disclosed a potential method for the Bank of Russia to block crypto transactions.Andrey Mikhaylishin, CEO of the local crypto payment startup Joys, said that the Russian central bank is now considering several potential options to make its crypto ban possible, Forbes Russia reported Friday.One of the possible restriction methods includes blocking debit card....
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The central bank of Russia has advised commercial banks on how to identify and block cards and wallet accounts used by shady businesses. Along with illegal forex dealers and financial pyramids, the regulator has also listed crypto exchangers as suspicious entities. New AML Recommendations by Bank of Russia Target Cryptocurrency Exchangers Russia’s central bank has issued a set of criteria that banks can use to identify cards and e-wallets used by companies operating in the shadow economy, Forklog reported. According to the monetary authority, these include not only illegal forex....
Historically opposed to the idea of using crypto as a payment method, the Bank of Russia has reportedly agreed to allow cross-border payments in crypto due to geopolitical changes. The Bank of Russia, the country’s central bank, has reportedly admitted that cross-border payments in crypto are inevitable in the current geopolitical conditions.The Russian central bank has been rethinking the approach to regulating crypto and agreed with the finance ministry to legalize crypto for cross-border payments, the local news agency TASS reported on Monday.Deputy finance minister Alexei Moiseev....
The Central Bank of Russia is currently reviewing various ways to prevent Russians from investing in cryptocurrency. One the options on the table is to block card payments to certain recipients such as crypto exchanges, a media report has unveiled. A recent meeting at the State Duma has indicated, however, that the authority’s hardline stance is not backed by other government institutions in Moscow.
Russia’s Central Bank Considers Mechanisms to Limit Crypto Investments
In talks with financial market participants, the Central Bank of Russia (CBR) has been....
The Russian central bank is planning to slow down payments to crypto exchanges and combat suspicious crypto activity. As cryptocurrency investments get more popular in Russia, the country’s central bank is actively working to curb perceived suspicious crypto activity as well as block some crypto purchases.The Bank of Russia has started working with local banks to make them halt payments to cryptocurrency exchanges in order to protect customers from “emotional” purchases of crypto.Sergey Shvetsov, the first deputy governor at the Bank of Russia, argued that the new measures aim to protect....
It is impossible to stop the Bitcoin movement, that much has become evident. Excluding Bitcoin from Russia would do more harm than good in the long run. Russia has always had an unusual relationship with Bitcoin and cryptocurrency. It has been unclear how the situation will evolve for quite some time now. A new statement by the Bank of Russia hints at no further action being taken against the usage of Bitcoin. Another positive sign for Bitcoin on a global scale, although this does not mean cryptocurrency is legal in Russia all of a sudden. People have to keep in mind this statement does....