“YuMoney” will block the wallets of crypto exchangers from 2021


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“YuMoney” will block the wallets of crypto exchangers from 2021

  • UMoney, controlled by Sberbank, intends to toughen the activities of crypto exchangers

  • Representatives of the electronic payment service refer to the law “On digital financial assets”

  • Sberbank plans to launch its own platform for the purchase of digital financial assets soon

International consortium of news organizations developing transparency standards.

The electronic payment service purchased by Sberbank intends to stop supporting the wallets of cryptocurrency exchangers

YuMoney (formerly Yandex.Money) will start blocking wallets related to the turnover of cryptocurrencies at the level of entrepreneurial activity. Subscribing to telegram channels is an easy way to keep abreast of news, be the first to know about all events, receive trading signals in a timely manner and … More BTC holder with a link to exchangers from the BestChange register.

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It is noted that “YuMoney” decided to tighten the turnover of the cryptocurrency market due to the law “On digital financial assets”, which will come into force on January 1, 2021.

The editorial staff of BeInCrypto sent a request to the UMoney press center, but did not receive a response at the time of writing. BeInCrypto will continue to follow developments.

Market clearing

As reported in the Telegram channel BTC holder, representatives of “YuMoney” refer to Law 259-FZ, which recognizes the frequent circulation of cryptocurrencies as entrepreneurial activity. According to the rules of “YuMoney”, using the wallet for such purposes is prohibited (clause 4.21.15). Also in the mailing list to exchangers, representatives of “YuMoney” write about the law on CFA, but they do not explain why the tightening occurs precisely against the background of the entry into force of the law..

β€œAccording to the new law, from January 1, the wallet cannot be used for the circulation of digital currency. Your wallet is used for just such a purpose, “- the mailing list says.

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It is noted that the owners of wallets who received such a notification will be able to withdraw funds by January 1, 2021 on their own. From December 25, “YuMoney”, presumably, will establish a ban on replenishment of wallets belonging to exchangers, and on December 31, it will completely block all debit transactions.

Industry monopoly

As a reminder, in July 2020 Sberbank became the sole owner of Yandex.Money. The bank itself owns 75% of the product. Another 25% through the Digital Assets company. Later the service was renamed to “YuMoney”.

It is noteworthy that in early December, German Gref, Chairman of the Board of Sberbank, announced the imminent launch of a banking blockchain platform for buying digital financial assets. Initially, the bank intends to implement the possibility of purchasing “green instruments”.

The first steps to tighten the cryptocurrency market began back in August 2020. Then Roskomnadzor blocked (for the third time) the register of BestChange exchangers. According to representatives of BestChange, the reason for blocking, according to the prosecutor, was that the site:

“Information has been posted on the offer to purchase electronic currency Bitcoin (bitcoin) and certain goods for the above currency, which is a virtual means of payment and accumulation, recognized as prohibited on the territory of the Russian Federation”.

BestChange has already announced that they are dealing with the issue of unlocking, but the trial may take time. Earlier, Russian Prime Minister Mikhail Mishustin said that the government plans to direct the development of the cryptocurrency market “into a civilized channel”.

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