The Govt Of Russia Puts A Strict Ban On 10 Million Online Wallet Deposits

Aug 20, 2020 Crypto

Recently the Govt of Russia has put a prohibition on several anonymous wallets and that has made millions to talk about. Let’s get into the juicy details.

The Russian Federation has put a strict prohibition on each and every anonymous deposit made to the online wallets in one go. This is something to put a great deal of trouble on above 10 million users who are living in the country. On the basis of the lawmakers, this specific step would be able to put a stop to various unlawful activities, for instance, paying for terrorism and illicit drug dealing.

10 Million Anonymous Online Wallets are Struck

There are various online services such as WebMoney, Yandex, Kiwi, and PayPal through which online wallets operate in Russia. These aforementioned services take control of a minimum of 10 million users who make the usage of the accounts in an anonymous manner by capping them up with money (cash).

There are various users who utilize these anonymous accounts or wallets in order to purchase cryptocurrencies. The accurate count of the crypto buyers is not properly known.

Experts Say the Impact Might be Less

As per the statement made by RBK, an economist named Antonina Levashenko believes that this particular step taken by the Russian Federation will have literally zero effect at first on the field of Blockchain. Nonetheless, as Russia makes strict the procedures of anti-money removal, the ban put at present would become applicable for virtual currencies too in due course.

A development manager at an EXMO crypto exchange company named Maria Stankevich keeps her beliefs in the fact that the ban on the anonymous wallet by the Russian Federation can only have an impact on the exchanges of cryptocurrency that do not carry out conformance in a strict approach. As a result of this, she also has to believe in the matter that any demand for similar facilities might face a fall.

In recent times, a bill on cryptocurrency was passed by the Russian Parliament that states the typical guidelines that should be followed word by word by the industry. The sanctioned form of the bill was a little harsh or a bit oppressive in comparison to the version that was there before.

So, That was All

Hopefully, this elucidation covered up each and every point you needed to know regarding this sudden bad on more than  million online anonymous wallets by the Government of Russia.