Bank of Russia wants to limit crypto investments by locking card payments, report reveals-Finance
Bank of Russia wants to limit crypto investments by locking card payments, report reveals-Finance
The Russian central bank is currently checking various options to prevent Russians from investing in cryptocurrency. One of the options on the table is to block card payments to certain recipients such as crypto exchanges, as a media report reveals. However, a recent meeting in the State Duma has shown that the hard attitude of the authority is not supported by other government institutions in Moscow.
Russia's central bank is considering mechanisms to limit crypto investments
In discussions with financial market participants, the Russian Central Bank (CBR) discussed several approaches to limit access to cryptocurrencies for domestic investors, as the Russian edition of the Forbes magazine revealed, citing the matter with the matter. According to Andrey Mikhaylishin, founder of a crypto project, which was tested in the regulatory authority's sandbox, one of the options under consideration is to block card payments on crypto platforms.The currency authority can try to oblige banks to transactions with certain dealer category codes ( Customer Center ), which are four -digit numbers depending on the services offered be assigned. The code used for the exchange of digital assets is 6051, according to the report. Mikhaylishin learned that the idea had been discussed by a central bank employee and the publication was able to confirm the information from a own source near the CBR.
While the bank of Russia Business banks recommended cards and Wallet accounts used by suspicious companies under which crypto exchange service providers are listed must publish a consultation report in which its comprehensive position on cryptocurrencies is presented. The report should be from a. are checked Working group that now complies with regulations for crypto-related activities Outside the area of application of the law, remain "via digital financial investments". This law came into force at the beginning of the year.
The group held its first meeting in the lower house of the Russian Parliament on Tuesday. During the talks, the deputy governor Olga Skorobogatova made it clear that the regulatory authority does not work out a law on the ban on cryptocurrencies, but also emphasized the decisive rejection of the CBR against its distribution in the country. The central bank plans to ban crypto investments, said Skorobogatova, according to the sources cited by Forbes-an employee of the authority and another officer who were present at the meeting.
Bank of Russia solely in her conservative approach to cryptocurrency regulation
The two sources also shared that the hard position of the Bank of Russia was not fully supported by the other participants. The deputy director of the Russian federal financial surveillance service, Herman Neglyad, suggested that the circulation of cryptocurrencies allow and at the same time provide strict controls of the financial currents between the cryptor compartment and the traditional financial system. The deputy finance minister Alexey Moiseev proposed to limit crypto-bunches, but only for non -qualified investors .
In his opinion, it is now too late to completely prohibit cryptocurrencies, since 10 million Russian citizens have already acquired one Coin or another, according to the department's own calculations. According to the Russian Association for Crypto Economics, Artificial Intelligence and Blockchain ( racib ), 17.3 million people in Russia have crypto wallet and the actual number could be even higher, because the data does not cover the dealers Use VPNS.The Ministry press service commented on Forbes that a ban on cryptocurrencies for the Russians would cause many problems because such a step would make their stocks illegal. Estimates cited in the financial stability overview of the bank of Russia for the second and third quarter of the year that the annual volume of Russian Digital currency transactions made are around $ 5 billion. And according to the head of the Duma financial market committee, Anatoly Aksakov, the Russians invests 5 trillion rubles in crypto (over $ 67 billion).
Do you expect Russia to limit card payments to cryptocurrency exchanges? Let us know in the comment area below.
Bedy verification : Shutterstock, Pixabay, Wiki Commons