Tuesday, August 16

Industry Experts Reveal Possible Method for Bank of Russia to Block Crypto By CoinTelegraph

© Reuters. Industry experts reveal possible method for Bank of Russia to block cryptocurrencies

Amid the current uncertainty about the future of cryptocurrencies in Russia, a local industry executive has revealed a possible method for the Bank of Russia to block cryptocurrency transactions.

Andrey Mikhaylishin, CEO of local cryptocurrency payments startup Joys, said the Russian central bank is now considering several potential options to make its cryptocurrency ban possible, Forbes Russia reported on Friday.

One of the possible restriction methods includes blocking debit card payments to cryptocurrency exchanges or wallets that use merchant category codes (MCC), Mikhaylishin said. The note indicates that the executive learned of this blocking method through employees of the Bank of Russia.

Read the full article on Cointelegraph

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