Russian banks ordered by Central Bank to monitor banking transactions including crypto
The central bank of Russia ordered banks to keep an eye on all suspicious financial transactions including crypto-related P2P digital transactions.
23 days have gone by but still, the war between Russia vs Ukraine is going on. Few countries imposed financial sanctions on Russia so that Russia can stop invasions on Ukraine. These financial sanctions on Russia are degrading the economy of Russia badly. In this situation, the Russian government will never try to give concession or freedom to people to shift funds outside the country, in order to maintain financial stability of the country.
According to the local news media of Russia, The Bank of Russia ordered all the banks of the Country to keep a precise eye on the financial transactions of people to keep “special economic measures to counter the outflow of foreign currency abroad”.
Reportedly Yuri Isaev, vice chairman at Central Bank of Russia, sent a letter to all the banking organizations to detect the unusual behavior of their clients like abnormal amounts of transactions including P2P Transactions and crypto-related transactions. The letter also suggested to the financial organizations that in case of huge abnormal situations, they can report on such particular activities to the Federal Financial Monitoring Service.
Aleksey Voylukov, the vice-chairman of the Russian Banks Association, explained on such a decision in speaking with media reporters that such recommendations from the central bank of Russia are an intention to prevent the spread of schemes to circumvent the imposed limits, especially via digital assets platforms.
Reports noted that such decisions by the Central Bank of Russia are not much surprising because 10 million Russian citizens are holding $63 billion worth of cryptocurrencies, so such types of orders are necessary to prohibit unfair activities to save the nation under this situation.
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