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Anonymous wallet deposits banned across Russia

Anonymous wallet deposits

Russian authorities have announced that they have suspended anonymous wallet deposits in the country. According to statistics of users who enjoy those benefits, the law will affect nothing less than 10 million clients of different wallet service providers.

With the authorities planning a clampdown on activities that would destabilize the nation’s health, they said the move was in the best interests of everyone. PayPal ranks ahead of the wallet service providers in the country as they help Russians send money home and abroad.

More than 10 million users to be hit by the new law

The respective firms have a database that boasts of nothing less than 10 million clients across the country, and they all carry out their transactions anonymously.

The majority of the population use the apps because of the ease that comes with depositing sending money to people. Most of the crypto enthusiasts across Russia use the app to purchase cryptos even though the number of people represented here is still unknown.

Critics and experts have given their thoughts on what this new rule spells for the crypto community and those that use them for transactions.

In the words of Anthonia Levashenko, the new law might hurt crypto adoption a little bit but won’t have any significant impact on the adoption of digital assets.

She further noted that virtual assets might continue to make use of the present laws as they are still being structured for strict security against laundering

Firms must not accept anonymous wallet deposits

In the same vein, another expert and business development for a crypto firm has noted that crypto firms who fail to carry out their groundwork will get worse hit by the new law.

Noting that fraud and illegal activities might decline because of the new law, she said legal entities have nothing to be scared of as long as they do not allow anonymous wallet deposits.

In recent weeks, the Russian parliament released a set of guidelines that would govern all virtual assets.

Crypto is steadily gaining ground in the Russian financial market, as more prominent people across the country seem to be rooting for Bitcoin and other assets.

Opposition party flag bearer, Alexei Navalny, has always used Bitcoin as his mode of currency whenever he hosts fundraisers. Presently, he boasts of nothing less than 648 Bitcoin in his wallet.

Most of the people against politics across the country have taken to Bitcoin mainly because the government cannot control it. With anonymous wallets deposits banned, there might be a surge in protests across the country. 

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Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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