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The Central Bank of Russia is currently reviewing various methods to prevent Russians from investing in cryptocurrencies. A media report stated that one option on the desktop is to block payment of cards to certain recipients, such as cryptocurrency exchanges. However, a recent meeting of the State Duma indicated that the authorities’ hardline stance was not supported by other Moscow government agencies.
The Central Bank of Russia considers mechanisms to restrict cryptocurrency investment
The Russian edition of Forbes magazine quoted people familiar with the matter as saying that in meetings with financial market participants, the Central Bank of Russia (CBR) has been discussing several ways to restrict the use of cryptocurrency by domestic investors. According to Andrey Mikhaylishin, the founder of the crypto project tested in the regulator’s sandbox, one of the options being considered is to block payment cards to crypto platforms.
Monetary authorities may try to force banks to stop cooperating with certain merchant category codes (MCC), a four-digit number assigned to the beneficiary based on the service provided by the beneficiary. The report pointed out that the code used for digital asset transactions is 6051. Mikhaylishin understands that the idea has been discussed from central bank employees, and the publication can confirm information from sources close to CBR.
Although the Bank of Russia Respected Commercial banks block card and wallet accounts used by suspicious entities, which lists crypto exchange service providers, and the agency has not yet issued a consulting report detailing its comprehensive position on cryptocurrencies.The report should be composed of a working team Established in the State Duma, the State Duma is currently considering the supervision of encryption-related activities outside the legal scope of “digital financial assets”. The law entered 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 discussion, Deputy Governor Olga Skorobogatova made it clear that the regulator did not draft a law prohibiting cryptocurrency, but at the same time she emphasized that CBR firmly opposes the circulation of cryptocurrency in the country. According to a source cited by Forbes, Skorobogatova stated that the central bank plans to ban cryptocurrency investment-an employee of the agency and another official attending the meeting.
Russian banks take a conservative approach to cryptocurrency supervision alone
The two sources also said that the hardline stance of the Russian Central Bank did not receive the full support of other participants. Herman Neglyad, deputy director of the Russian Federal Financial Supervision Agency, proposed to allow the circulation of cryptocurrencies while strictly controlling the flow of funds between the crypto space and the traditional financial system.Deputy Finance Minister Alexey Moiseev suggested restricting the purchase of cryptocurrencies, but only Unqualified investor.
In his opinion, it is too late to completely ban cryptocurrencies, because according to the department’s own calculations, 10 million Russian citizens have already obtained one token or another. According to the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Lasibou), Russia has 17.3 million people with encrypted wallets, the actual number may be higher because the data does not include traders using VPNs.
The news service of the ministry commented to Forbes that the ban on cryptocurrency now causes many problems for Russians, because such a move would make their assets illegal.estimate lead The financial stability overview of the Bank of Russia in the second and third quarters of 2021 shows that the annual digital currency transaction volume of Russian residents is about 5 billion U.S. dollars.According to Anatoly Aksakov, Chairman of the Duma Financial Market Committee, Russians have already invest 5 trillion rubles of cryptocurrency (over 67 billion USD).
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