The Russian Central Bank (CBR) plans to obtain information about the transfer of funds between private banks, including customers who transaction encrypted currency. This measure may affect online encrypted currency traders – regulators accuse these trading business illegal operations.
Central Bank will check the encrypted currency transaction between Russians
As part of the efforts of certain transactions that hit it think that illegal, the Russian bank will seek more data to the financial institutions transferred between individuals. Local media disclosures, this move involves many platforms that use accounts registered with virtualists, such as online gaming companies and websites that provide encrypted currency trading services.
Russian business news portal RBC reported that the regulatory agency has sent a new transaction report form to the bank. According to the initial report, the CBR intends to request remittance information between Russians, including the personal data of the remittors and payee.
In a press release in PRIME, the monetary authorities later clarified that this measure does not mean full control for personal trading, but “aim to determine the relevant risk sector.”
The Russian bank further emphasizes that it will only collect anonymous data in this case – the banking organization platform that provides payment services to individuals may be used for illegal operation. It also insists that it is not intended to introduce new reporting procedures for all transactions, and explain that it refers to a specific situation of transferring large amounts of funds to the same payee with multiple transactions within a few hours.
CBR said that such transactions are obviously not ordinary payments between ordinary citizens and small businesses. The central bank added that when observed transactions in accordance with certain standards, it will ask banks to provide more register data, but instruct it to provide information that can be used to identify individual customers.
The Russian authorities are currently discussing a comprehensive supervision of encrypted currencies – including many related activities, including transactions and mining, still not within the scope of “digital financial assets” law in January. According to reports, in a meeting held in a work group of National Duma, the Russian Bank adheres to its long-term position – anti-comparable and other encrypted currency in China, opposing it for payment.
Monetary Authorities is also exploring programs that prevent Russians from investing in encrypted assets, including to prevent bank card payment behaviors from certain coin trading platforms. Despite this, it is estimated that the 2021 second and third quarter financial stability overview have shown that Russian residents’ daily digital currency trading volume is approximately $ 5 billion.