The Central Bank of Russia (CBR) has proposed that the country’s commercial banks enhance their oversight of cryptocurrency and regulator operations. The goal is to halt transactions that attempt to circumvent the country’s “special economic measures to prevent the outflow of foreign currency abroad.”
This proposal mentions investigating cryptocurrency trading, which is supposedly one of the methods of removing capital in Russia. This was highlighted in a letter written by CBR deputy chairman Yuri Isaev to other banking institutions, instructing them to begin investigating “abnormal” transactional activity, which includes any out-of-the-ordinary spending patterns.
The Russian Federal Financial Monitoring Service (Rosfinmonitoring) would be required to report suspicious transactions so that they can be halted immediately. During the early stages of the Russia-Ukraine war, special measures were adopted to limit foreign money outflows as part of economic sanctions.
Purchasing real estate, securities, and other assets from other hostile nations or jurisdictions will necessitate official approval. Furthermore, Russia has assured that foreign currency transactions are limited to $5,000, as well as a cash ceiling of $10,000 for anyone travelling overseas.
The Russian Banks Association’s vice-chairman, Aleksey Voylukov, has spoken to the media. He stated that the CBR’s ideas are to minimize these strategies that are designed to evade the established restrictions on the limit by using only crypto exchanges.
10 million Russian citizens own approximately 5 trillion rubles in cryptocurrency, which is worth $63 billion. Russian users are unable to use their Visa and MasterCard cards since the firms have disabled them, and the Russian government has also set stringent limitations. As a result, Russian residents have become reliant on cryptocurrency as their sole means of transferring payments.
Despite the denial of operations, it does not necessarily imply the freezing of cash; Russians will be required to give specific documentation to the bank, including statements of the legality of the transaction or operation.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
KAZ
CoinCu News
