The Bank of Russia and market participants are discussing several options to restrict investments in the cryptocurrency market, including blocking card transfers to certain MCC-codes. This, сообщает Forbes, citing a regulator-source.
The four-digit MCC code classifies the type of business when processing card payments to that business. Crypto exchanges and brokers are typically assigned code 6051. The same code also covers transfers to casinos — these are transfers that banks may start blocking.
The source confirmed that such an option was among ‘a multitude of others’.
For example, market participants proposed allowing the circulation of cryptocurrency but deanonymising all transactions to the traditional financial system. There was also discussion of restricting cryptocurrency purchases for non-qualified investors.
The Bank of Russia promised to reflect its position in a special advisory report on cryptocurrencies.
Earlier, Reuters, citing two sources, reported that the Bank of Russia wants to ban Russians’ 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 ‘CFA’ law prohibits settlements in cryptocurrencies, but does not restrict their purchase and mining.
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