Russian Federation bans anonymous deposits to online wallets within its new move which will directly affect over 10 Mln users across the country. Consistent with lawmakers, this initiative is meant to curb criminality, like the financing of terrorism as well as the illegal drug trade.
Several Online Wallets Services Banned
Several online wallets through services like Yandex, WebMoney, PayPal, and Kiwi are very much popular within Russia. These services maintain approximately 10 Mln users who use the accounts anonymously by topping them up with cash. Some people use these anonymous wallets to recieve cryptocurrency, although the precise numbers are still anonymous.
General Guidelines For The Industry
Antonina Levashenko, an economist quoted by RBK, believes that these measures will initially have no effects onto the Blockchain space. As Russia tightens its AML [Anti-Money Laundering] procedures, however, the prevailing ban may eventually be applied to virtual currencies also.
An EXMO cryptocurrency exchange business development manager, Maria Stankevich, believes that the ban may only have an impact on exchanges that don’t take compliance seriously. She believes that demand for such services may decline as a result.
Recently, Russian Parliament passed a cryptocurrency bill that sets general guidelines for the industry. The enacted version of the bill was less draconian than the first version.