The Bank of Russia and financial market participants are discussing several options for limiting investments in the cryptocurrency market, including blocking card transfers for certainMCC-codes. About it informs Forbes citing a source close to the regulator.
The four-digit MCC code classifies the type of activity of the company when making a payment to it by bank cards. Crypto exchanges and exchanges, as a rule, are assigned the code 6051. This also includes transfers of funds to the casino – these are the transfers that banks can begin to block.
The source confirmed that this option was considered among “many others.”
For example, market participants proposed to allow the circulation of cryptocurrencies, but de-anonymize all transactions into the traditional financial system. A limitation on the purchase of cryptocurrencies for unqualified investors was also discussed.
The Bank of Russia promised to reflect its position in a special advisory report on cryptocurrencies.
Recall that on December 16, Reuters, citing two sources, reported that the Central Bank of the Russian Federation wants to ban Russian investments in cryptocurrencies due to the risk of financial instability.
In September, the regulator announced plans to develop a mechanism for blocking payments to cryptocurrency exchanges and exchangers.
The current version of the law on “CFA” prohibits settlements in cryptocurrencies, but does not limit their purchase and mining.
