Bank of Russia Corners Crypto!

Russia Tops With Highest Crypto Transactions of $5 Billion For 2021
  • Bank of Russia halts any kind of major crypto payments.
  • Central Bank of Russia instructs local banks to block accounts related to crypto payments.
  • Bank says its for protecting customers from ‘emotional’ investments and purchases on crypto.

Russia is one of the most tempted countries when it comes to crypto and its industry. Upon major investments and many mining firms with a surge in the crypto industry of the nation, now the past few months have been quite harsh. 

With various crypto regulations on play, now Russia is a feared country when it comes to crypto. In spite of all these ‘anti-crypto’ movements, now the Central Bank of Russia has taken certain things into their hands.

The Bank’s Actions

The overall situation at present is not so good for Russia. Once a prospering country for the industry, now with various rules and regulations in play, the entire crypto industry is getting cornered in Russia. 

Despite all such rules and regulations, Russians are still profusely into investing upon Bitcoin (BTC) and other altcoins. In spite of all this, the Central Bank of Russia has taken to serious concerns regarding this.

 Accordingly, the banks state they are worried regarding the losses for their customers when it comes to crypto investments. 

Furthermore, the Bank of Russia has officially told all the local banks under it to block all the accounts related to crypto payments and transactions. Also, they have asked all banks to cease and halt all accounts which are in suspicion of crypto payments. 

The Banks Comments

With the increase in number of investors profusely upon the crypto industry, the Bank of Russia fears it may lead to overall economic loss for the nation, if the crypto market crashes. 

Moreover, the Central Bank of Russia states they are in the process of blocking the accounts upon various criterias. Accordingly, these are mostly accounts with payments to many counterparties or receiving payments from more than 10 parties and so on. 

 Furthermore, the deputy governor of Bank of Russia, Sergey Shvetsov states their main option is to prevent huge losses to the nationals of Russia amidst the risky crypto investments losses if the market crashes down to nothing.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.