Cash turnover will be tightened in Russia from 2021

Cash turnover will be tightened in Russia from 2021

  • Cash turnover is tightening in Russia since the new year

  • The authorities intend to monitor transactions in the amount of RUB100 thousand.

  • Meanwhile, the State Duma is considering a bill allowing the use of anonymous wallets

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Cash turnover will be tightened in Russia from 2021

From January 2021, new rules for regulating the circulation of cash to combat money laundering come into force in Russia

Starting from January 10, 2021 in Russia, the rules for regulating the turnover of cash in excess of 100 thousand rubles will be changed.

According to the amendments to Law No. 115-FZ “On Counteracting Legalization (Laundering) of Criminally Obtained Incomes and Financing of Terrorism”, the regulator will strengthen control not only over cash turnover, but also over real estate transactions.

Cash turnover will be tightened in Russia from 2021

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So, for example, starting from the new year, all real estate transactions in the amount of 3 million rubles or more (or the equivalent in foreign currency) are subject to mandatory control. Also, postal orders from 100 thousand rubles are monitored. Similar requirements are put forward for cashing out funds credited to the balance of a mobile phone.

In addition, bets in the lottery will be checked in the amount of 600 thousand rubles or more.

The illusion of relaxation

At the same time, State Duma deputies are considering a bill allowing individuals to use conditionally anonymous electronic wallets. As the editorial staff of BeInCrypto reported, if the bill is adopted by the State Duma, the Russians will be able to transfer money from the “non-personalized electronic means of payment” to the accounts of other individuals and legal entities..

However, you still have to go through simplified identification. How such a check will be arranged is still unknown..

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Cash turnover will be tightened in Russia from 2021

The legislative initiative does not apply to cryptocurrency, since according to the law “On digital financial assets” virtual assets are not recognized as a means of payment.

As a reminder, since August, anonymous wallets have been banned in Russia. According to Russian officials, electronic money stored and sent through YuMoney (formerly Yandex.Money), PayPal, Kiwi, can be used to finance terrorism and drug trafficking.

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