Russian bankers move to prevent the use of private crypto wallets.
Keeping cryptocurrencies in non-custodial wallets may be criminalized in Russia, if authorities accept a proposal from the trade association representing Russian banks. While financial regulators think the idea deserves attention, lawmakers and experts doubt it’s possible to implement such a measure.
The ABR remarks that it is not referring to digital assets in wallets provided by crypto exchanges, which are de facto controlled by these platforms similar to bank deposits, but wallets controlled directly by the users. Besides preventing capital outflow through crypto, the bankers say their approach would help to create “a closed circuit for the circulation of cryptocurrencies” in Russia. According to the ABR, this would be impossible without an effective foreclosure mechanism for non-custodial cryptocurrencies.
Meanwhile, the idea has been met with criticism from lawmakers and representatives of the crypto industry in the expert council at the parliamentarytasked to develop comprehensive crypto regulations. Andrey Lugovoy, the group’s deputy chairman, said he understood ABR’s concerns but warned the move would hinder the legalization of the crypto market.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine live updates: Russian forces try to storm steel plant in MariupolUKRAINE-RUSSIA LATEST: • Russia declares next phase of Ukraine invasion • Russia-backed separatist forces try to storm Azovstal plant in Mariupol • Ukraine says Russia is stepping up attacks in the east
Read more »
Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments – Regulation Bitcoin NewsRussia’s bill “On Digital Currency” limits crypto purchases for non-qualified investors while providing legal ground for some payments.
Read more »
Protect Your Crypto Wallets With InfoSec - The Three-Tier Wallet System and Crypto-Hygiene | HackerNoonSecuring your wallets is essential when protecting digital assets against cyberattacks. Let me share how to use cybersecurity skills to boost crypto-security!
Read more »
Russian bankers reportedly want to outlaw noncustodial crypto walletsThe Association of Banks of Russia is a major local banking association, founded in 1990 and covering nearly 90% of Russia’s banking infrastructure as of early 2022.
Read more »
Bitcoin, Ethereum Technical Analysis: BTC Back Above $41,000 as Crypto Bulls Return – Market Updates Bitcoin NewsFollowing recent losses, BTC rallied on Tuesday, as bulls appeared to have returned to cryptocurrency markets.
Read more »