Why liquidating one Bitcoin can land you in trouble in Russia


The Russian central financial institution launched a brand new report for banking establishments to restrict “shady” transactions. Whereas the rules had been for the aim of controlling illicit cash transfers, it additionally reportedly introduced crypto ‘”exchangers” below its purview.

Banks and credit score establishments had been requested to notice suspicious transactions executed by people into or out of their digital accounts. This might embrace any transaction volumes that exceed 100,000 rubles, on any given day. On this context, liquidating even 1 BTC can land the investor in hassle.

If the person is suspected of finishing up crypto-led cash laundering, they might be reported. Moreover, day merchants conducting too many transactions per day with their financial institution wallets or playing cards is also marked suspicious.

This improvement got here days after Moscow stated that it was not prepared for a digital foreign money rollout. In context of El Salvador accepting Bitcoin as authorized tender, President Putin’s press secretary reportedly denied any advantages of a nationwide digital foreign money.

However, Russia remained goal to 2% of the cryptocurrency frauds by quantity. A current report identified that in H1 2021, Russia accounted for frauds to the tune of $ 30 million, or 2.2 billion rubles.

Not so lengthy again, scammers additionally tried two hacks on a neighborhood Russian authorities web site. Nationwide information companies recommend that the infamous attackers even marketed free Bitcoin choices. Subsequently, the federal government web site was reportedly down with crypto phishing adverts.

Nonetheless, this doesn’t utterly strike out the potential for a future digital foreign money in Russia. The federal government is alleged to be engaged on a prototype platform for the digital ruble. The Central Financial institution reportedly plans to launch draft laws for digital foreign money integration, in early 2022.

Whereas uncertainty in laws and the Russian authorities’s stance on crypto nonetheless prevails, an August 2021 survey reported {that a} majority of Russians had been concerned about crypto investments. As per the report, over 77% of latest buyers deliberate to commerce digital foreign money within the close to future. Whereas some had been but to decide, solely 7.6% of Russians categorically denied any plans of shopping for cryptocurrency.



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