Russia has adopted and updated laws allowing it to target cryptocurrency transactions before the next year’s launch of its own room, the digital ruble.
Legislative changes make it more difficult for ordinary Russians to pay with a crypto or negotiate cryptography, because operations like these can lead to a freezing of accounts, asset crisis and even criminal proceedings.
Law on the payment system to strike the cryptographic professions between peers in Russia
The federal law “on the national payment system” now allows banks to restrict access to the bank account of a customer if it is involved in any type of suspicious transactions, leading the press bits of Russian crypto. Média raised the alarm this week.
The accounts can be blocked if the money linked to illegal activities has been credited to them, stressed the portal, warning that users of Crypto exchange services and participants in the Peer-to-Peer transactions (P2P) can easily be in a situation like this.
Legislation allows financial institutions to take measures in a number of scenarios. These include receiving complaints from third parties, signals alleging illegal actions, including flows related to fraud and triggering transfers of risk detection systems.
Restrictions can be partial or full. In the first case, an assigned person is unable to use the payment cards and the banking application of a particular institution, and in the latter, the person loses access to cards issued by all banks and their platforms.
The provisions of the law can be used to target cryptocurrency merchants whose bank accounts can be put on black list by the Central Bank of Russia (Cbr). The most common cases involve the exchange of digital parts for rubles or P2P swaps.
No one is immune to receiving “dirty” species from fraud and money laundering diets, online games of chance or other illegal activities, when selling their cryptos for Fiat via an online interchange or a P2P platform, noted the report.
Moscow can use silver whitening legislation to slow down the use of cryptography
Russian banks can also freeze accounts under the law “on the fight against legalization of crime product and the financing of terrorism”, also known as the “law on money laundering”. It allows banks to report “at high risk” and to block any sale of cryptocurrency via P2P platforms and digital asset exchanges.
Some of his texts were originally intended to face a phenomenon known as “abandonment”. In the Russian slang, a “dropper” is someone who lends their bank account, wallet or card to fraudsters who use them to whiten their criminal product.
However, criticisms claim that the same provisions can be used against ordinary users of crypto and P2P negotiation platforms which could also end up with their bank accounts blocked by the financial authorities and institutions.
In May, legal commentators involved in cryptographic space warned This recent modification of the penal code, again intended for “droppers” or “money mules”, as they are called in the West, can also be used to threaten cryptographic traders with the blocking of accounts and even the prison sentence.
In June, the Russian Bank exhorted Commercial banks to exercise stricter control over transfers related to crypto. The regulator insisted on the rapid identification of these transactions. The updated code authorizes banks to impose monthly limits on the threads and prevent cash deposits.
Russia erases the field for the next launch of the digital ruble
The last Russian offensive against decentralized digital money occurs while Moscow is preparing for the complete implementation of its digital ruble. CBR recently adjust the dates For the gradual launch of the Central Bank digital currency, which should start on September 1, 2026, after Putin’s recent call to “large adoption”.
In addition to the part issued by the State, Russia plans to introduce a universal QR code for payments. Its monetary authority vehemently opposed the use of cryptocurrencies like Bitcoin to pay goods and services in the country.
Cryptographic payments are only possible in a special “experimental legal regime” designed to help Russian companies bypass financial restrictions in foreign trade. The use of cryptocurrency as a means of payment has been prohibited with the law “on digital financial assets” which entered into force in 2021.
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