Central Bank of Russia considers preventing crypto investments by restricting card payments.
One the options on the table is to block card payments to certain recipients such as crypto exchanges, a media report has unveiled. A recent meeting at the State Duma has indicated, however, that the authority’s hardline stance is not backed by other government institutions in Moscow.
The monetary authority may try to oblige banks to stop transactions with certain Merchant Category Codes , four-digit numbers assigned to the recipients of payments depending on the services they offer. The code used for digital asset exchanges is 6051, the report notes. Mikhaylishin learned that the idea had been discussed from a central bank employee and the publication was able to confirm the information from its own source close to the CBR.
The group held its first meeting at the lower house of Russia’s parliament on Tuesday. During the discussions, Deputy Governor Olga Skorobogatova made it clear the regulator was not drafting a law that would ban cryptocurrencies but at the same time, she emphasized the CBR’s firm opposition to their circulation in the country.
The ministry’s press service commented to Forbes that banning cryptocurrencies now would create a lot of problems for Russians, as such a move would make their holdings illegal. Estimatesin Bank of Russia’s Financial Stability Overview for Q2 and Q3 of 2021 indicate that the annual volume of digital currency transactions made by Russian residents amounts to around $5 billion.
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