The Russian Central Bank has asked commercial banks to prohibit suspect cryptocurrency accounts and wallets.
The Central Bank of Russia (CBR) has issued several recommendations to commercial banks in order to combat money laundering, questionable economic activity, and defend the country’s economy from scams and frauds.
It has recommended commercial banks to use the CBR’s set of criteria to identify and prohibit the wallets, cards, and accounts of people engaged in fraudulent activities.
These unscrupulous firms, according to CBR, might include even listed crypto exchanges, in addition to illegal FX dealers and financial pyramids.
Because there have been cases of people using false names, the central bank has placed a special emphasis on transactions between private individuals.
A user wrote on twitter that, “According to an official, the move is intended to limit the purchase of “emotional” cryptocurrency by “unqualified” Russian investors.”
The following are some of CBR’s key suggestions for identifying and delisting questionable accounts and businesses: As part of anti-money laundering measures, Russian banks must analyse and detect suspicious transactions and terminate such services.
Limiting bona-fide transactions for the purchase of cryptocurrencies, according to Andrey Tugarin, Managing Partner at GMT Legal, would be illegal.
Tugarin highlighted that this entitlement applies regardless of whether the buyer is a qualified investor or not.
The good news right now is that Exmo, a major cryptocurrency exchange in the region, has not seen a drop in the amount of deposits made by Russian users in the last few weeks.
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Image Credits : Facebook, Kathrin Hille in Moscow