YuMoney Wallet to halt cooperation with Bitcoin exchanges from January 1, 2021

YuMoney (formerly Yandex.Money) has warned cryptocurrency exchanges that partner with the Bestсhange aggregator about a ban on using their wallet for the circulation of digital currency from January 1, 2021. The Telegram channel BTC holder reports this reports.

In its decision, YuMoney cites the provisions of the law “On Digital Financial Assets”.

“Under the new law a wallet cannot be used for the circulation of digital currency. Your wallet is used precisely for that purpose. Law 259-FZ recognises this as entrepreneurial activity. By the rules of our service a wallet cannot be used for this,” YuMoney says.

From December 25, the company will prohibit users from funding their electronic wallet with cryptocurrencies, leaving withdrawals only. From December 31, all outgoing transactions will be blocked.

“Take your money now so you won’t have to file a request later,” YuMoney noted.

A representative of Bestchange.ru, in a ForkLog interview, confirmed the existence of such appeals to their partners. To continue operating with YuMoney, exchange desks must connect to the YuKassa service, which requires a licence to operate.

“Few in Russia have such a licence, but licensed exchange services will act as payment gateways. Some exchanges have already agreed to cooperate; others will have to stop using this payment system,” added Bestchange.ru.

According to lawyers from one of the licensed services, only operations with crypto assets should be subject to the ban, but not currency exchange. However, the mechanism of enforcement will become clear in January.

As reported, the law “On Digital Financial Assets” comes into force on January 1, 2021 in Russia, recognizing cryptocurrencies as property and prohibiting their use to pay for goods and services on Russian territory.

Since August 3, Russian users of YuMoney, Qiwi Wallet, WebMoney, PayPal, VK Pay and others are banned from anonymous top-ups via payment terminals and offices of telecom operators. To top up their card, they must identify themselves and link a bank account to the wallet.

Subscribe to ForkLog’s Telegram news: ForkLog Feed — the full news feed, ForkLog — the most important news and polls.