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The Central Bank of Russia (CBR) is planning to activities collection data from commercial banks related to certain money transfers between private individuals. Such as customers trading in cryptocurrency. This move is likely to be detrimental to cryptocurrency exchanges that CBR accuses of operating illicit operations.

Checking Data Collection Transactions of People doing Crypto Exchange

As part of its efforts to stifle certain types of transactions that it believes are illegal as well as other transactions, it considers illegal. Authorities at the Bank of Russia is going to request additional information from banks that process transactions between individuals. This is a concern for a variety of platforms with accounts that are created in the name of fake persons.

The Russian business news site RBC announced Monday. That the CBR had issued banks with brand new report forms for the processing of transactions. In the initial report, the CBR is planning to demand details about the transfer of money between Russians and foreigners. Including the personal details of both the people who send the money as well as those who receive the funds.

In a press statement cited by Prime the monetary UAE authorities was later clear that the decision does not mean imposing complete control over the individual transactions. But is “aimed at identifying risk areas associated with the use of payment cards and wallets issued to fictitious individuals by cryptocurrency exchanges. And then, online casinos and unscrupulous participants in the financial market for settlements with Russian citizens.”

Bank of Russia further emphasized that it would like to collect anonymous information from banks. That provide individual customers with payment services only in cases where their platforms may use for illegal activities data collection. The bank also stated that it doesn’t intend to establish new reporting procedures for all transactions.

The CBR declares that these transactions are not typical payments between private people or small companies. The central bank also said that when transactions meet certain requirements. It can request additional information from the bank’s registers however it has stated that it will not seek data that could allow identification of specific customers.

Crypto Regulations? – Coming Soon

The report suggests that more regulations for cryptocurrency in different countries around the globe may be in place. Naturally, this will be a source of criticism for users of blockchain. If you’re among those who have cryptocurrency or digital coins. Experts provide the essential things to be aware of prior to the time when these regulations will become effective.

This includes getting organized and making use of portfolio management software and other items to aid you in keeping on top of your cryptocurrency. In addition, greater BTC stability prediction to achieve in 2022. In the meantime, Coinbase CEO faces a lawsuit for work theft in the blockchain startup claims.

Russian authorities are currently looking at ways to regulate cryptocurrencies since a variety of activities data collection. Such as mining and trading, are out of the reach that is the new legislation “On Digital Financial Assets” that came into effect in January. In discussions held by a working group in the State Duma. Bank of Russia believes to be sticking to its position for a long time against the circulation of bitcoins. And then like within the country and the use of them in payment transactions.

The monetary authority is investigating ways to deter Russians to invest in cryptocurrency, such as the blocking of card payments to specific customers, including cryptocurrency trading platforms. It’s in spite of estimates in its recent Financial Stability Overview for the second and third quarters of 2021 indicating that the volume of annual cryptocurrency transactions conducted by Russian residents totals approximately $5 billion.

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