Russian Banks receive ultimate control over Cryptocurrency linked Accounts

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  • New Russian banking regulations announced along with certain crucial changes.
  • The modifications allow direct control to the financial institutions to freeze or block the bank accounts, for both the individuals as well as the companies.
  • The respective changes in the rules will be implemented from the coming October this year.
  • The Ministry of Justice of the nation signed off its much awaited approval in December last year post the changes were officially concluded upon in last October. 

New Russian banking regulations were recently announced with certain significant changes. The former proclaimed that the financial institutions will now be allowed to freeze or block the bank accounts of individuals or companies that are associated with crypto activities according to them.

The Central Bank being the major authoritative entity, imposed these rule changes. The national authority outlined changes that it will implement on the existing banking code. 

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The bank also stated that the commercial banks will be given the required authority to step in and control account access, in case they detect verified signs of the “circulation of digital currencies,”.

Judgement on crypto-related bank transactions 

The Central bank also stated that the basic characteristic of crypto-related bank transactions is that they incorporate regular and one-way deals. 

Along with that, it also involves huge amounts and according to the new ruling, they can be termed as “suspicious transactions” because of their association with “money laundering or terrorist financing”.

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The regulations will probably be implemented in October this year, unless the government chooses to interfere. The intervention, however, seems an unlikely process at this stage.

The approval from Ministry of Justice

The amendments appear to have been formulated in last October by the Central Bank. Meanwhile, the approval was awaited from the Ministry of Justice. The nation’s Ministry of Justice eventually signed off the rule change in December.

Anatoly Aksakov is the chief architect of the crypto policy of the nation. Along with that, he also  works as the head of the State Duma Committee on Financial Markets. His recent statement which hinted at a clear warning for the participants. 

It was last week that Anatoly commented on the sterner regulations that were to appear in Russia and beyond with an ominous undertone. 

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Within the same context, a flash news was ordained that announced a new law outlawing crypto as a mode of payment came. It was immediately after the announcement by the Central bank referring to its freshly decided rule changes. 

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Andrew Smith
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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