Sunday, October 2, 2022
HomeLaw & PoliticsRussia's Central Bank increases monitoring of Peer-to-Peer (P2P) transactions

Russia’s Central Bank increases monitoring of Peer-to-Peer (P2P) transactions

The Central Bank of Russia (CBR) has proposed that commercial banks in Russia improve their control of crypto and regulatory activities. The goal is to halt transactions that seek to bypass the country’s “special economic measures to prevent the outflow of foreign currency overseas.”

This suggestion discusses investigating cryptocurrency trading, which is reportedly one of the methods of removing funds in Russia. This was mentioned in a letter issued to other financial organisations by the CBR’s vice chairman, Yuri Isaev, requesting that they begin investigating “abnormal” transactional activity, which includes any out-of-the-ordinary spending patterns.

The banking institution will target any withdrawals or similar types of spending made using digital currencies such as cryptocurrency.

The Russian Federal Financial Monitoring Service (Rosfinmonitoring) will be required to notify you of any suspicious transactions so that they may be halted as soon as possible. Special measures were adopted at the start of the Russia-Ukraine war to limit foreign money outflows as part of economic sanctions.

Purchases of real estate, securities, and other assets from other unfriendly countries or jurisdictions will need official approval. Additionally, Russia has assured that foreign currency transactions are limited to $5,000, as well as a cash cap of $10,000 for people travelling abroad.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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