The Central Bank of Russia (CBR) plans to obtain information about certain transfers of funds between private individuals from commercial banks, including customers who trade cryptocurrencies. This measure may affect online cryptocurrency traders accused of illegal operations by regulators.

Central Bank checks transactions between Russians exchanging cryptocurrencies

As part of its efforts to combat certain transactions that it considers illegal, the Bank of Russia will seek more data from financial institutions that process transfers between individuals. Local media revealed that the move involves many platforms that use accounts registered in the name of virtual persons, such as online betting companies and websites that provide encrypted trading services.

Russian business news portal RBC reported on Monday that regulators have sent a new transaction report form to the bank. According to the preliminary report, CBR intends to request information about remittances between Russians, including personal data of the sender and recipient.

In a press release quoted by Prime, the monetary authority later clarified that the measure does not imply complete control over personal transactions, but “to identify and use payment cards and payment cards issued by cryptocurrency exchanges to fictitious individuals. Risk areas related to wallets., online casinos and unscrupulous financial market participants reached a settlement with Russian citizens.”

Bank of Russia further emphasized that it hopes to collect anonymous data only when the platforms of banking institutions that provide payment services to individuals may be used for illegal operations. It also insisted that it does not intend to introduce a new reporting procedure for all transactions, explaining that this means the specific case of transferring large amounts of funds to the same recipient through multiple transactions within a few hours.

CBR stated that such transactions are clearly not ordinary payments between ordinary citizens and small businesses. The central bank added that it can request more data from the bank register when it observes transactions that meet certain criteria, but insists it will not request information that can be used to identify individual customers.

Russian authorities now discuss The proposal to fully regulate cryptocurrencies, because many related activities, including trading and mining, are still outside the scope of the Digital Financial Assets Act that took effect in January.In the meeting working team In the State Duma, the Bank of Russia is reported to maintain its long-term Location Oppose allowing Bitcoin, etc. to circulate freely in the country and their use in the country Payment.

Monetary authorities are also exploring options to prevent Russians from investing in crypto assets, including block Card payments are made to certain recipients, such as coin trading platforms.Although estimates were made in its recently released financial stability overview for the second and third quarters of 2021 suggestion The annual digital currency transaction volume of Russian residents is about 5 billion U.S. dollars.

Do you think the Central Bank of Russia will only collect anonymous data on transactions between Russian encrypted users? Share your thoughts on this topic in the comments section below.

Lubomir Tasef

Lubomir Tassev is a tech-savvy journalist from Eastern Europe. He likes Hitchens’ famous quote: “Being a writer is my nature, not what I do.” In addition to encryption, blockchain and financial technology, international politics and economics Are the other two sources of inspiration.