Bank of Russia Allowed Blocking Accounts for Cryptocurrency Turnover
Bank of Russia allowed blocking accounts for cryptocurrency turnover
Bitcoin transactions included in the list of suspicious transactions
Banks will have the right to block accounts for operations with cryptocurrencies
Regulation of the domestic cryptocurrency market will be tightened
Domestic regulator added digital currency transactions to the list of suspicious for financial institutions
The Bank of Russia has clarified the grounds for blocking bank accounts. According to the amendments to Regulation 375-P, financial institutions have the right to freeze or even block a bank account in the event of signs of digital currencies circulation..
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Transactions on the circulation of cryptocurrencies, as well as “transactions related to the circulation of digital rights, which are characterized by one-way, regularity, for large amounts” are now included in the list of suspicious transactions for money laundering or terrorist financing.
The approved amendments will enter into force in October 2021.
The further is only better
The tightening of the turnover of cryptocurrencies occurs against the background of the 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.
The regulation of mining, the organization of the issue, as well as the circulation of digital currency in Russia at the legislative level has not yet been approved.
Back in early January, Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, said that in 2021, control over the owners of cryptocurrency assets will only tighten, since the relevant issue has already been raised in the government. How exactly control over the crypto market will increase, Aksakov did not clarify.
At the same time, the digital ruble studied by the Bank of Russia is unlikely to have the same advantages as bitcoin.
At least this is the opinion of Vasily Solodkov, director of the Banking Institute of the Higher School of Economics (HSE). 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.
How the regulation of cryptocurrencies in Russia may change in 2021 – read in a special material from BeInCrypto.
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