Bank of Russia wants to block ‘emotional’ and suspicious crypto activity
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....
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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....
The Bank of Russia also wants to slow down transactions to crypto exchanges to prevent “emotional” crypto purchases. Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, argued that Russia needs to adopt new laws to protect retail investors from the potential losses of investing in crypto, local news agency Interfax reported on Wednesday. To this end, lawmakers in the country’s parliament are reportedly considering new legislation to limit cryptocurrency investments by non-accredited investors, he stated.The official delivered his remarks during a Bank of....
The Central Bank of Russia would agree to the legalization of cryptocurrency mining, provided the proceeds from the activity are converted to fiat outside of Russia. The regulator’s latest position on the matter comes after it softened its stance on the possible use of cryptocurrencies for payments, even if only internationally.
Central Bank of Russia to Accept Legalization of Cryptocurrency Mining
The monetary authority in Moscow is now ready to back the legalization of crypto mining under the condition that Russian miners are obliged to sell the coins they obtain in....
According to a recent study by researchers from the University of Tulsa and Tel Aviv University, the massive increase in the bitcoin price in late 2013 was caused by suspicious trading activity on the now-defunct Mt. Gox Bitcoin exchange. The study, which is titled “Price Manipulation in the Bitcoin Ecosystem,” indicates that 600,000 bitcoins were acquired by agents who did not pay for them, and the bitcoin price rose by an average of $20 on days when the suspicious trading activity took place. “Based on rigorous analysis with extensive robustness checks, we conclude that the suspicious....
"Prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people," said FinCEN acting director Him Das. The United States Financial Crimes Enforcement Network, or FinCEN, a bureau of the Treasury Department, has warned financial institutions to consider crypto as a possible means Russia may attempt to use to evade sanctions related to the country’s military action in Ukraine.In a Monday alert, FinCEN reminded U.S.-based financial institutions “with visibility into cryptocurrency” and convertible virtual currency, or CVC, to....