There have been a lot of rumblings regarding the central banks of Russia, especially in the crypto world. One of the biggest reasons why people have been talking about the bank is that it recently suggested commercial banks regarding the identification and blocking of wallets and cards utilized by a variety of businesses. This also includes shady financial pyramids as well as forex dealers. During the recent months, there also has been an emergence of suspicious crypto exchanges, making things even more complicated.
The central bank of Russia essentially decided to issue a list of criteria and rules that financial organizations could use for various reasons. One of those reasons happens to be the identification of e wallets and cards used by organizations that operate using shadow economies. According to a large number of reputable resources, the criteria includes a lot more than crypto exchangers, financial pyramids and foreign exchange dealers.
It is also worth keeping in mind that banks tend to turn their attention towards transactions that take place among private individuals. This happens because regulators tend to claim entities like these and often utilize these accounts with false names in order to get payments. A variety of banks in Russia plan to identify and analyze these shady transactions, which will be a part of their renowned anti money laundering campaign.
The bank of Russia also listed withdrawals and cash deposits as a massive cause for concern. This is especially true when transactions like these are over 30 per day. What’s more, a massive amount o recipients or payers that are above 50 a month could result in tight scrutiny conducted by financial institutions.
This also applies to all of the regular transaction that take place once the overall sum amounts to 100,000 Russian rubles, which is around $1400 every day. Needless to say, things have been quite strict from the Central Bank of Russia and massive changes could be headed towards the crypto world sooner rather than later. With so much going around, one would wonder if the crypto scene of Russia is in jeopardy.
The answer to that question is no. Once again, the main reason the bank of Russia has become suggested these things is because it wants the crypto scene to be clear from frauds, hacks and various other problems. If you have been following Russia’s crypto scene for a while, you will know that there have been some incidents that massively hurt investors.
The only way to combat these problems is to nip them in the bud. This is why the suggestions made by the Central Banks made sense and could lead to positive change down the line.
