Russian Central Bank to Block Crypto Exchange Transactions

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In an official release, the Bank of Russia spoke of the need to stamp out internet-based “shadow economy”-related businesses. It called on domestic banks and e-pay operators to identify all accounts and e-wallets belonging to “illegal business activities” such as “cryptocurrency exchanges,” which it clumped together in the same group as “online casinos and lotteries,” “financial pyramid schemes” and forex dealers.

Crypto mining, however, continues to thrive in Russia. Bigger businesses are still pushing for tokenization. And the nation’s largest bank and tech giant Sberbank (also known as Sber) has launched a stablecoin – despite the Bank of Russia’s insistence that it also wants to limit stablecoin usage.

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