The Russian Federation has banned anonymous deposits in online wallets in a move that will affect 10 million users across the country. According to Russian lawmakers, the purpose of this initiative is to curb illegal activity, such as the financing of terrorism and illegal drug trafficking.
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10 million anonymous wallets are affected
Online wallets through services such as Yandex, WebMoney, PayPal and Kiwi are very popular in Russia. These services maintain approximately 10 million users who use the accounts anonymously by depositing funds using cash. Some people use these anonymous wallets to buy crypto-currencies, although the exact numbers are unknown.
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Experts say the impact will be minimal
Antonina Levashenko, an economist quoted by RBK, believes that these measures will initially have no effect on the Blockchain space. However, as Russia tightens its anti-money laundering procedures, the existing ban can also be applied to virtual currencies.
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Maria Stankevich, a business development manager at the Cryptcoin Exchange, EXMO, believes the ban can only have an effect on exchanges that do not take compliance seriously. She believes the demand for such services may decrease as a result.
Recently, the Russian Parliament approved a draft crypto law that sets the general guidelines for the industry. The enacted version of the bill was less draconian than its original version.