Main Points related to Bitcoin, web3, Ethereum, and cryptocurrency:
- The Bank of Russia is investigating cross-border crypto transfers by residents.
- Russia’s central bank will focus on banking channels to assess the volume of crypto-related operations.
- The investigation includes analyzing transaction forms, transfer directions, counterparties, and involved banks.
- Russian crypto adoption is on the rise, with approximately 20% of the population having used cryptocurrency.
- Around 6% of Russians currently hold cryptocurrency, equating to over 9 million individuals.
- Over 10 million citizens in Russia possess crypto wallets potentially holding over 10 trillion rubles.
Bank of Russia’s Investigation into Cross-Border Crypto Transfers
The Bank of Russia is set to investigate cross-border crypto transfers by residents, particularly focusing on banking channels to evaluate the extent of crypto-related activities. The central bank’s oversight program for Q4 and Q1 2025 aims to identify and quantify operations involving the purchase and sale of cryptocurrencies. The investigation will delve into transaction forms, transfer directions, counterparties, and the banks facilitating these transfers, including major financial institutions like Raiffeisenbank, Citibank, MTS Bank, Unistream, and various regional banks.
Russian Crypto Adoption Trends and Statistics
As crypto adoption in Russia continues to increase, recent research indicates that nearly 20% of Russians have engaged with cryptocurrency, while over 65% are familiar with it to some extent. However, the majority of Russians do not currently hold digital tokens for investment or savings purposes. A study in June revealed that around 6% of Russians hold cryptocurrency, with over 9 million individuals owning digital assets. Additionally, Russia’s prime minister disclosed that more than 10 million citizens possess crypto wallets potentially holding over 10 trillion rubles.
