In Russia, it may be prohibited to pay for the purchase of electronic currencies with bank cards. The Central Bank s currently being discussing such an idea.
Experts talk about blocking payments with a specific MCC code. Banks assign such codes automatically when processing card payments. This four-digit code identifies the merchant's business.
For example, grocery stores receive the code 5411. And crypto exchangers and crypto exchanges usually receive the code 6051. The regulator can oblige banks to block such transfers.
Experts say that even if such a ban is introduced, it will not be difficult to buy cryptocurrency. Firstly, there are intermediaries. And secondly, people can open an account in a bank of Belarus or Kazakhstan, in these countries investments in cryptocurrency are allowed.
According to biotech entrepreneur, miner Pyotr Kondaurov, it is impossible to ban the crypt, it is decentralized, it is distributed, people will use it anyway, the crypt is not controlled by the Central Bank. That is, people can send each other as much money as they want and not pay taxes for it and not report for it at all. That is, a monetary system appears that does not belong to the state.
Earlier, the head of the Central Bank, Elvira Nabiullina, said that the regulator is against using the Russian financial system for operations with cryptocurrencies. According to her, the Central Bank cannot welcome investments in such currencies because of their volatility, as well as the risks they entail for retail investors.
The Ministry of Finance, according to Forbes, does not advocate a complete ban on cryptocurrencies, but for limiting the purchase of such digital assets by unqualified investors. Earlier, the Central Bank estimated the annual volume of transactions of Russians with digital assets at $5 billion.
