Bank of Russia Recommends Banks to Block Cards, Wallets Used to Transact With...
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....
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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....
Bitcoin is considered to be the best companion of the tourists. Thanks to the universal nature of the digital currency, it can be used anywhere in the world, provided the merchant accepts it. But now we have bitcoin-powered debit cards. These cards are like normal debit cards issued by banks except that it is connected to a bitcoin wallet. Most of these bitcoin-powered debit cards are connected issued by authorized issuers of well-known electronic payment providers like Visa and MasterCard. These cards will work at any point of sale terminals that are part of the network. This way, people....
Russians cashed out over $1.3 billion from banks on the first day of Russia’s invasion of Ukraine, the largest amount since the onset of COVID-19. Several Russian banks that have been sanctioned over Russia’s “special military operation” in Ukraine will no longer support major payment services like Apple Pay and Google Pay.Russia’s second-largest bank, VTB — as well as other banks like Sovcombank, Otkritie, Novikombank and Promsvyazbank — are on the list of companies sanctioned by the United States, the Bank of Russia confirmed on Friday.Users of debit and credit cards issued by these....
The Association of Banks of Russia has previously collaborated with Binance as part of its expert center focused on crypto regulation. A major Russian banking association wants to criminalize keeping your own cryptocurrency keys.The Association of Banks of Russia, an organization including more than 300 Russian banks and financial institutions, has called on lawmakers to criminalize storing crypto outside of centralized exchanges on noncustodial wallets, local news agency Izvestia reported on Monday.In contrast to accounts at centralized crypto exchanges, noncustodial or self-custodial....
Major U.S. banks are expecting retaliatory ransomware attacks following the imposition of tough sanctions on Russia for invading Ukraine, cyber specialists and executives say. Tensions between Russia and the West worsened Saturday as the US and its allies attempted to block some Russian banks from the SWIFT international payment system and imposed restrictions on the […]