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Impact of Recent Changes to Russian Law on Flexibility of Online Payments

Recently, Russia adopted amendments to the Federal Law on Countering the Legalization (Laundering) of Proceeds from Crime and Terrorism Financing. These modifications impose certain authentication requirements on users of electronic payment systems.

The adopted amendments ban financial transactions between users who did not pass the authentication. When a user first creates a payment system account, (s)he is subject to a "simplified authentication,” which involves providing the following information: original documents submitted to the payment system’s administrators; complete information about the user in an electronic format (personal and passport information, individual insurance account number (SNILS)); or an electronic signature key. Online users who have passed the simplified authentication may transfer funds between accounts subject to the same limits (not more than 15,000 RUB per transfer or 40,000 RUB per month). Once a user completes full authentication, the limit of fund transfers or payments increases to 100,000 RUB per transfer or up to 200,000 RUB per month.

Russian users should note that the aforementioned amendments require that they provide their internal passport information when transferring out money to bank or credit cards. Also, bear in mind that you cannot withdraw more than 75,000 RUB per day or 600,000 RUB per month.

It is too early to say how these legislative amendments will affect Bitcoin and other cryptocurrencies. In fact, it is quite likely that developments such as these could greatly promote Bitcoin’s everyday use.


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