The Central Bank of the Russian Federation, Rosfinmonitoring and five large banks are implementing a pilot to establish links between fiat and cryptocurrency transactions of users. Writes about this RBC with reference to a statement by Ilya Bushmelev, director of project portfolio management at Innotech.
The new “Know Your Crypto Client” service is designed to train credit institutions to identify cryptocurrency transactions carried out by clients.
Among the tools used is “Transparent Blockchain” from Rosfinmonitoring.
Testing will continue until the end of May, but may be extended indefinitely depending on the results.
According to him, the experience gained will be taken into account when regulating the market.
Earlier, the Central Bank reported a high level of involvement of Russians in the crypto market, estimating the turnover of such assets for 2023 at 4.78 trillion rubles ($54 billion).
Rosfinmonitoring explains the need to control the increased number of suspicious transactions with digital currencies.
In a letter dated September 2021, the Central Bank of the Russian Federation classified transactions with crypto exchangers as questionable and recommended banks to conduct careful monitoring of them. If money laundering is suspected, credit institutions are advised to block client transactions and even terminate the contract.
The regulator also announced plans to develop a mechanism for blocking payments to cryptocurrency exchanges and exchangers.
Source: Cryptocurrency
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