The Bank of Russia intends to block the transfer of funds to the crypto exchanges
Deputies of the Central Bank of Russia (CBR) announced plans to reduce or even completely block banking transfers sent to various cryptocurrency exchanges, without specifying which platforms in question.
Investments in cryptocurrencies are increasing exceeding popularity among Russians every year because the CBR is gradually stepping up work on funds that limit “suspicious crypto activity”.
Cooperating with the other largest credit companies in the country, the CBR intends to significantly reduce the number of “emotional” digital currency purchases by citizens. What exactly was meant by this vague wording, however, was not explained.
The representative of the CBR, Sergey Shvetsov, stated that restrictive standards will be applied to defend investors from accidents characteristic of such a volatile asset as digital currencies. This will allow people not to lose their funds in the market when a new asset class suddenly collapses, he said.
Shvetsov also clarified that the partnership of the Central Bank of the Russian Federation with other financial organizations will slow down suspicious payments sent to the addresses of exchanges, protecting the industry from all sorts of fraudsters.
This is not the first time that the Bank of Russia has shown interest in the digital currency industry, trying, by all means, to dissuade citizens from investing in them. Previously, deputies of the department called on Russian banks and credit firms to strengthen the surveillance of transactions. It was, inter alia, about activities related to the exchange of digital currencies.
On September 6, the CBR asked regional banks to block client accounts, their e-wallets, credit cards, and access to other services if they identify suspicious transactions involving cryptocurrencies. The criterion that was asked to pay special attention to is the amount of senders or recipients. Among others: more than 50 similar counterparties in the account per month and the average client balance not exceeding 10% of the average daily volume of financial transactions for at least one week.
Recall that in a recent interview with Reuters, Shvetsov reproached the cryptocurrency market for the lack of any guarantees for depositors, comparing the main digital currency on the market with a technology pyramid.