With the increasing popularity of cryptocurrency investment in Russia, the country’s central bank is actively working to curb suspicious crypto activities and prevent some crypto purchases.
The Bank of Russia has started working with local banks to stop payments to cryptocurrency exchanges in order to protect customers from “emotional” purchases of cryptocurrencies.
According to the Russian news agency RIA Novosti, the first deputy governor of the Central Bank of Russia Sergey Shvezov believes that the new measures are designed to protect Russian investors from potential losses in case the cryptocurrency market “collapses to zero.” Report Wednesday.
The latest anti-crypto initiative came shortly after the Bank of Russia called on local banks and credit companies to increase their attention to certain types of personal financial transactions, including those related to cryptocurrency exchange services.
In the official statement Released On September 6, the Central Bank of Russia asked local banks to block customer accounts, e-wallets, or credit cards because these suspicious encrypted transactions were identified using a wide range of criteria (such as the number of senders or receivers).
Some standards suggest that Russian banks should block accounts related to an “unusually large number of counterparties,” or accounts involving transactions from more than 10 different payers or recipients per day, or accounts with more than 50 such counterparties per month. If the customer’s average balance does not exceed 10% of its average daily transaction volume for at least one week, other standards need to attract more attention from the bank.
According to the document, the new proposal aims to track and curb illegal financial activities related to illegal businesses. According to the Bank of Russia, shadow economy participants mainly receive payments from bank cards or e-wallets, and these payments are usually issued by fictitious identities.
The Bank of Russia did not immediately respond to Cointelegraph’s request for comment.
As previously reported, Russian banks are largely reluctant to accept the cryptocurrency industry. In July, the central bank asked local stock exchanges Stay away from the listing of foreign and local companies Participate in providing services related to cryptocurrency.According to reports, the authorities also Prevent major banks from offering encrypted transactions.