As a seasoned researcher with years of experience delving into the intricacies of financial systems and digital currencies, I find this move by the Bank of Russia both intriguing and necessary given the rapidly evolving landscape of cryptocurrencies.
The Russian Central Bank intends to examine cryptocurrency transactions made across borders by its citizens, primarily through banking systems, in order to estimate the amount of crypto-related activities being conducted.
In the upcoming quarters, Q4 and Q1 of 2025, Russia’s central bank plans to probe into cross-border crypto transactions made by its residents as part of their latest monitoring strategy. This move is aimed at discovering and quantifying activities linked to the buying and selling of cryptocurrencies.
The investigation will focus on key factors such as transaction forms, transfer directions, counterparties, and the banks facilitating these transfers, the central bank said in a statement. The study will include major financial institutions like Raiffeisenbank, Citibank, MTS Bank, Unistream, and several regional banks, including Asia-Pacific Bank, Ak Bars Bank, and Avangard.
The statistical department of the regulatory body will examine the amount and worth of cryptocurrency transactions crossing international borders, to understand how these affect the overall financial system as a whole.
The action is taken as the use of cryptocurrency in Russia increases significantly. According to recent studies, about 20% of Russians have already used cryptocurrencies, while over 65% are familiar with them but lack comprehensive understanding. Even though there’s a growing understanding among Russians, the majority do not yet own any digital assets. A minimal percentage are utilizing crypto for savings or investment at this point.
As an analyst, I recently uncovered some fascinating insights from a June report by fintech company Triple A. It appears that about 6% of the Russian populace currently owns cryptocurrency, which translates to over 9 million individuals. This suggests that a significant portion, exceeding 12%, of Russia’s working population has ventured into the world of cryptocurrencies.
By April 2022, it was reported by Russia’s prime minister Mikhail Mishustin in the State Duma that more than 10 million Russian citizens have digital wallets for cryptocurrencies. These wallets are believed to hold over 10 trillion rubles (equivalent to about $107 billion at current exchange rates). However, it’s important to note that the specific method used to arrive at this estimate was not detailed by Mishustin.
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2024-10-01 11:24