Russian central bank recommends domestic banks to block e-pay transactions

Syed AhadWeb Editor

14th Sep, 2021. 06:57 pm
Russian central bank

The Russian central bank has suggested domestic commercial banks that they should block their clients’ crypto exchange-related card and e-pay transactions.

The Bank of Russia spoke of the requirement to mold out internet-based “shadow economy”-related businesses. It named on domestic banks and e-pay operators to recognize all accounts and e-wallets belonging to “illegal business activities” like “cryptocurrency exchanges,” which it stomped together in the similar group as “online casinos and lotteries,” “financial pyramid schemes” and forex dealers.

The central bank stated it requires domestic financial institutions to “block transactions” and “completely stop servicing” transactions made to accounts highlighted as “shadow economy”-linked.

The central bank also gives the list of protocols to the banks that it claimed would benefit banks by efficiently telling the difference between the suspected “shadow economy” transactions and bona fide, above-board peer-to-peer business transactions.

And it ended by recapping a familiar catchphrase: Explaining that cryptocurrency, forex, casinos, and the rest were “associated with high risks of losing money” and “fraudulent schemes.”

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