Bank of Russia to Collect Data on Crypto-Related Transactions Between Individuals – Finance Bitcoin News

📆 29/12/2021 2:02 AM
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Bank of Russia plans to obtain banking data on crypto-related transactions between individuals.

The Central Bank of Russia plans to obtain information from commercial banks pertaining to some money transfers between private individuals, including clients trading cryptocurrency. The measure is likely to affect online crypto exchangers which the regulator accuses of conducting illegal operations.

The Russian business news portal RBC reported Monday that the regulator had sent banks a new reporting form for transactions. According to the initial report, the CBR intends to request information on money transfers between Russians, including the personal data of the senders and the recipients of the funds.

In a press release quoted by Prime, the monetary authority later clarified that the measure does not imply imposing total control over transactions of individuals but is “aimed at identifying risk areas associated with the use of payment cards and wallets issued to fictitious individuals by cryptocurrency exchangers, online casinos and unscrupulous participants in the financial market for settlements with Russian citizens.

Bank of Russia further emphasized it wants to collect anonymized data from banking institutions providing payment services to individuals only when their platforms might be used for illegal operations. It also insisted it does not plan to introduce new reporting procedures for all transactions, and explained it meant specific cases where large amounts of money are transferred in multiple transactions within hours to the same recipient.

The CBR says such transactions are clearly not ordinary payments between private citizens and small businesses. The central bank added that when transactions meeting certain criteria are observed, it could ask for additional data from the banks’ registers but insisted it would not request information that could be used to identify individual customers.

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Why should Russia declare war on the crypto? Everyone knows who will win. It is better to allow citizens to trade on such large exchanges as Kraken, Bitfinex, Binance. I'm sure everyone does it. Especially in Russia.😎

How will they do that? I don't think Russian people will stop using Binance or Bitfinex

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You definitely won't see any personal information leaks on bitfinex

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its about blocking everyone who gain more, unfortunately. i hope they will find ways to invest and use Tether

I think they're going crazy. People will soon get tired of this total control. I heard that they want to ban crypto currency there. I sympathize with them.

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Hope they will not ban crypto in the end.

Well, it's good that Russians still have access to bitfinex.

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I don't think it's possible to effectively regulate crypto

interesting MyReal_io

This is for delusional folks who thinks Russia is some kind of free country

Never expected Russia to allow “Decentralised” anything.

Withdraw your money from the fake cryptocurrency thieves who are happy with the nonsense, deception and theft that happen to you and your money. Bitcoin is just a thief of all fake cryptocurrency

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