MOSCOW—KoronaPay has banned all crypto-related transactions including cryptocurrency trading, as the largest money transfer service across Europe reacts to the Central Bank of Russia’s position on crypto and its risks of financial losses and fraud.
The Russian central bank has started to examine the operations of Russian banks with cryptocurrency exchanges, which has led KoronaPay to formally ban all crypto-related transactions, Finance Feeds reported.
In addition, it deployed a specially designed anti-fraud tool that uses AI to monitor and block such transactions.
Active Market
According to the Central Bank of Russia, Russians are among the most active users in the cryptocurrency market with transaction volumes reaching $5 billion a year. The country also ranks third in Bitcoin mining.
The central bank proposed a ban on the mining of cryptocurrencies as well as prohibit the payment of goods and services using digital currencies, including the issuance and exchange of cryptocurrencies, according to Finance Feeds, which added the Central Bank is also looking to introduce a ban on investing in cryptocurrencies.
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