Russian Central Bank to Delay Payments Made to Crypto Exchanges

Share Article
In Brief
  • In the wake of increasing investor interest in BTC, ETH, DOGE and others, the Central Bank of Russia wants to slow down bank payments to exchanges.

  • The slowing down is meant to mitigate against “unqualified” investors making emotional decisions.

  • Two CBR officials have voiced skepticism regarding the volatile and risky nature of buying cryptocurrency.

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Russian Central Bank Authorities are looking to “slow down” payments made to crypto exchanges to limit “emotional” purchases made by “unqualified” investors.

Sponsored



Sponsored

Russian central bank slows down payments to exchanges

In a move in keeping with global regulatory crackdowns on the crypto industry, the Central Bank of Russia is looking to cooperate with commercial banks to delay payments made to crypto exchanges, announced in a recent event in the southwestern city of Sochi. This announcement comes as general crypto investor interest in Russia rises.

This is a move that seeks to prevent the “emotional” purchases of cryptocurrencies via peer-to-peer and over-the-counter trading platforms.  CBR First Deputy Governor Sergei Shvetsov believes that crypto differs from traditional assets, and has the signs of a pyramid scheme. The country’s financial monitoring company has also commissioned the creation of a new system to track and scrutinize crypto investor behavior.

Sponsored



Sponsored

Crypto is too Risky, says CBR

Earlier this year, the CBR implored stock exchanges not to offer crypto-related products to investors. The cryptocurrency was deemed to be very risky by the Central Bank, way back in 2019, as they felt that cryptocurrency could be used to launder money from criminal activities, finance terrorism and that conducting transactions posed a risk due to crypto’s volatile nature. Limited liquidity, a lack of transparency, and unclear regulations all contribute to the risk of using crypto assets. The Central Bank, however, intends to pilot its own digital currency in 2022.

Russia’s Stance on crypto over the years 

Russia has taken aggressive moves against cryptocurrency in the recent past. The Binance domain was recently blocked in Russia, after Binance was allowing Russians to buy cryptocurrency with the Russian ruble, but was subsequently unblocked.

It also claimed in 2020 to be testing the prototype of AI software to reduce the anonymity inherent in cryptocurrency transactions. In the same year, the Russian Federation’s financial regulator proposed changes to criminal punishing undeclared digital wallets holding more than one million rubles.

What do you think about this subject? Write to us and tell us!

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

The opinion of BeInCrypto staff in a single voice.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!

Join