Central Bank Of Russia Tightens P2P Transactions Monitoring, Including Those In Crypto

Central Bank of Russia (CBR) has suggested that commercial banks in the country increase their monitoring of users’ transactions that could be used to avoid CBRs.

iexclusivenews reports that on Thursday, local media reported on “special economic measures to prevent the loss of foreign currency abroad.”

Closer control of cryptocurrency trading, which is listed as one of the methods for removing money from Russia, is part of the advice.

Central Bank Of Russia deputy chairman Yuri Isaev addressed a letter to financial companies Wednesday directing them to pay more attention to instances of their clients’ “strange behavior.”

iexclusive News Nigeria understand that this includes “abnormal” transactional behavior as well as unusual spending trends.

Any money withdrawals made using digital currencies should also be scrutinized more closely, according to the letter.

Suspicious transactions should be banned if necessary, and information concerning them should be sent with the Federal Financial Monitoring Service (Rosfinmonitoring).

What You Need To Know

During the early days of the Ukraine war and the ensuing economic sanctions, special measures were adopted to stem the outflow of foreign cash.

They include a $5,000 limit on foreign currency transactions for Russian citizens and a $10,000 cash limit for individuals traveling overseas.

Buying real estate, securities, and other assets from people who live in “unfriendly” areas requires government approval.

Aleksey Voylukov, vice-chairman of the Russian Banks Association, told journalists that the CBR’s recommendations aim to prevent the growth of schemes to avoid the imposed limits, particularly through cryptocurrency exchanges.

The finding is unsurprising, given that more than ten million Russian citizens own roughly 5 trillion rubles ($63 billion) in cryptocurrency.

Many Russian citizens are left with no choice but to use cryptocurrency to move their funds after their Visa and Mastercard cards were banned.

And their government imposed tight transaction limitations.

Despite numerous reports of Russian oligarchs attempting to hide their wealth.

Ordinary people are ultimately the ones who rely on the digital asset infrastructure in the face of surging inflation and tightening government monetary control.