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Bank of Russia plans to ban 'emotional and suspicious' crypto activity

Russian central bank plans to reduce payments to crypto exchanges and fight suspicious crypto activity.

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Bank of Russia plans to ban 'emotional and suspicious' crypto activity

Russia is seeing cryptocurrency investment become more popular. The central bank of Russia is working hard to stop any suspicious activity and block certain crypto purchases.

In order to protect customers against "emotional" crypto purchases, the Bank of Russia is now working with local banks.

Sergei Shvetsov was the first deputy governor of the Bank of Russia. He argued that these new measures are intended to protect Russian investors in the event the cryptocurrency market "crashes into zero." September 15: Local news agency RIA Novosti reported .

This latest anti-crypto action comes just after the Bank of Russia asked local banks and credit companies to pay more attention to certain types of financial transactions made by individuals, such as transactions related to cryptocurrency exchanges.

The Russian central bank requested local banks to stop customer accounts, ewallets and credit cards from suspicious crypto transactions. This was in a statement September 6.

Russian banks may need to block accounts that involve transactions with more than 10 payers or recipients per hour or more than 50 such counterparties per calendar month. Banks should pay more attention to customers whose average daily transactions volume for the past week is less than 10%.

The new recommendations are intended to curb and track illicit financial activity associated with illegal businesses, according to the document. According to the Bank of Russia shadow economy players receive large payments via bank cards and e-wallets, often issued by fictitious individuals.

Cointelegraph did not receive a response from the Bank of Russia to our request for comment.

The Bank of Russia is reluctant to accept cryptocurrency, as previously reported. In July, the central bank asked local stock exchanges to stay away from listings of foreign and local companies involved in offering cryptocurrency-related services. According to reports, the authority also prohibited major banks from offering cryptocurrency trading.

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