Cryptocurrency-Linked Bank Accounts in Russia May Be Frozen
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Cryptocurrency-Linked Bank Accounts in Russia May Be Frozen

February 18, 2020      Tarulika Jain

Russian Central is upside down on cryptocurrency and recently hinted the blocking of bank accounts which are linked to virtual assets. The Central Bank of Russia will be clarifying the signals which may allow the banks to act on suspicious accounts. The Bank of Russia primarily intends to considerably adjust the practice of banks in “anti-money laundering” legislation according to the latest announcement.

Amendments To Regulation 375-P

Russian Bank published amendments to regulation 375-P, which is related to the signals of dubious transactions. The amended regulation mentions the list of 100 criteria, which may lead to freezing the accounts. New amendments by the Central Bank of Russia explicitly mention crypto assets in its one of the requirements to shut down accounts based on “dubious transactions”.

The changes in regulation states that banking operations, including purchase and sale of virtual currency, will be considered the ground for freezing the block account. On the contrary, there is no law in Russia to regulate virtual assets; thus, there is no legal reason which can prove digital tokens illegal.

Crypto Popularity In Russia

Russia exhibits an ambiguous nature related to the crypto world. Earlier in the morning, an announcement of the completion of a pilot project for issuance of digital rights came. The serious step for adopting blockchain technology. On the contrary, the news in the evening deaccelerates the investments of crypto traders in Russia. The requirements for Anti Money Laundering compelled the banks to freeze the accounts dealing in digital assets. 

The fact cannot be denied that a significant part of the blockchain industry is based in Russia. Even if authorities of the country intends to drag down the industry, exchanges are not halting to expand their services in Russia. For instance, Binance announced recently that Russian ruble could be directly utilised to buy cryptocurrency.

READ  Commodities Dollar Gold Miners Oil NatGas Technical Analysis Chart 5/12/2019 by ChartGuys.com
#Altcoins #AML #Blockchain News #Blockchain Technology #Central Bank of Russia #Crypto News #Crypto Russia #Cryptocurrency #Cryptocurrency Market #Regulations #Russia #Russian Banks
Tarulika Jain
Tarulika Jain

Tarulika is an engineering graduate and an eloquent crypto blogger. Being a digital economy supporter, she keeps herself updated with the latest innovation in the crypto industry, Blockchain Technology, Internet of Things and other technologies. Currently, she curates the simple and interesting content for Crypto guides for beginners. If you want to learn more about the cryptocurrencies, latest trends of blockchain-powered AI applications, you are free to follow her on LinkedIn and Twitter.