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Russia’s Central Bank considering card-per-person limit to combat droppers’ activity
Russia’s Central Bank considering card-per-person limit to combat droppers’ activity
This was stated by Bank of Russia Governor Elvira Nabiullina at a meeting with the President and the Cabinet.
“What else is proposed to be done to prevent this dropper activity, the so-called mediation, from developing. We are discussing a reasonable limit on the number of cards that can be issued per person. These restrictions will not affect ordinary citizens, because ordinary citizens do not need hundreds or even thousands of cards to be issued,” Nabiullina said.
She noted that such limits are already in place in Kazakhstan.
The Central Bank Governor reminded the times when a pile of fly-by-night businesses were registered at one legal address. A similar scheme is applied by droppers who use hundreds, thousands of cards to withdraw money.
Meanwhile, good news is that prices for such cards on the “black” market have gone up (from 10-15 thousand rubles to about 70 thousand rubles).
The limits are supposed to be differentiated by bank: for example, up to 5 cards allowed in one bank, up to 20 – in another. This will not limit the rights of bona fide citizens, since a normal person does not need 100 cards issued by different banks, Nabiullina added.
The Central Bank also supports the introduction of criminal liability for droppers. “But the trouble is that there are many teenagers among the so-called droppers, very young people who do not even realize what the scammers are luring them into,” the head of the Central Bank noted.