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Russia banned anonymous wallet deposits

August 4, 2020

The Russian Federation has banned anonymous deposits in online wallets, which will affect 10 million users across the country. According to the Russian legislature, the purpose of this initiative is to curb illegal activities such as terrorist financing and drug trafficking.

10 million anonymous purses are affected

Online wallets through services like Yandex, WebMoney, PayPal and Kiwi are very popular in Russia. These services are roughly maintained 10 million users who use accounts anonymously when depositing money with cash. Some people use these anonymous purses Buying cryptocurrencies although the exact numbers are unknown.

Experts say the impact will be minimal

Antonina Levashenko, The economist quoted by RBK believes that these measures will initially They have no impact on the blockchain area. However, as Russia tightens its anti-money laundering procedures, The existing ban can also apply to virtual currencies.

Russia banned anonymous wallet depositsRussia banned anonymous wallet deposits

Maria Stankevich, A business development manager for cryptocurrency exchange EXMO believes the ban can only have an impact Exchanges that don’t take compliance seriously. She believes that the demand for such services may decrease as a result.

Recently, the Russian Parliament passed a crypto law that sets out general guidelines for the industry. The adopted version of the bill was less draconian than the original version.

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