March 28, 2024

Russian banks will block accounts for cryptocurrency transactions

Russian banks will block accounts for cryptocurrency transactions

The domestic regulator has included transactions involving the circulation of digital currencies in the list of suspicious financialinstitutions.

The Bank of Russia clarified the grounds for blockingbank accounts. According to the amendments to regulation 375-P, financial institutions have the right to freeze or even block a bank account if there are signs of circulation of digital currencies.

Сделки по обороту криптовалют, а также «операции, associated with the circulation of digital rights, which are characterized by unidirectional, regular, large sums "are now included in the list of suspicious money laundering or terrorist financing transactions.

The approved amendments will enter into force in October 2021.

The further is only better

The tightening of cryptocurrency turnover occurs against the backdrop ofthe entry into force of the Law “On Digital Financial Assets”. Starting from January 1, 2021, the use of cryptocurrencies as a means of payment is prohibited. Regulation of mining, organization of issuance, and circulation of digital currency in Russia has not yet been approved at the legislative level.

Back in early January, Chairman of the State Duma Committeeon the financial market, Anatoly Aksakov stated that in 2021, control over the owners of cryptocurrency assets will only become stricter, since the corresponding issue has already been raised in the government. Aksakov did not clarify exactly how control over the crypto market will be strengthened.

At the same time, the digital ruble being studied by the Bank of Russiaunlikely to have the same benefits as Bitcoin. At least that’s what Vasily Solodkov, director of the Banking Institute of the Higher School of Economics (HSE) thinks. According to him, Bitcoin is distinguished by its ability to “bypass various restrictions.” The digital ruble, according to Solodkov, is unlikely to be able to offer the same level of freedom.

Russian banks will block accounts for cryptocurrency transactions

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