On the streets, Russians are swapping cryptocurrency for fiat cash. The editors of BeInCrypto spoke with representatives of street exchange offices in order to determine how they operate and how transactions are handled.
In the Russian Federation, cash withdrawal limitations have been in effect since March 9, 2022. The central bank prohibited Russians from withdrawing more than $10,000 or its euro equivalent. Additionally, this was only feasible if the funds were placed into the account prior to March 9, 2022.
As of the time of writing, this limitation will expire on March 9, 2023. However, there is no assurance that the central bank would eliminate the limitations beyond this date for Russian nationals. The original deadline was scheduled on September 9, 2022, but the Russian authorities extended it by six months in August.
Many Russians’ bank accounts include “frozen” funds. Other things include: The importation of dollars and euros into Russia is prohibited. The limitations have aggravated the cash shortage.
Numerous Russian banks are not linked to the international interbank payment system SWIFT. Customers of such institutions cannot make international money transfers. As an “alternative,” banks provide the conversion of dollars and euros for rubles to their customers. The exchange rate, meantime, leaves much to be desired.
Credit institutions in the Russian Federation have implemented storage fees for non-cash money. The National Clearing Centre might penalize currency holders in the Russian Federation.