The Bank of Russia is planning to investigate cross-border crypto transfers by residents, focusing on banking channels to assess the volume of crypto-related operations. Russia’s central bank will conduct an investigation into cross-border crypto transactions by residents in Q4 and Q1 2025, according to its latest oversight program, aiming to identify and quantify operations involving the purchase and sale of cryptocurrencies.

Focus Areas of the Investigation

The investigation will focus on key factors such as transaction forms, transfer directions, counterparties, and the banks facilitating these transfers. The central bank’s statement noted that 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.

Analyzing Crypto-Related Transfers

The regulator’s statistics department will analyze the volume and value of crypto-related cross-border transfers to assess their impact on the broader financial system. This analysis is crucial as it will help understand the extent of crypto adoption and its implications for the financial landscape.

Rising Crypto Adoption in Russia

The move comes as crypto adoption in Russia continues to rise. Recent data indicates that nearly 20% of Russians have used cryptocurrency, while over 65% are aware of it but lack detailed knowledge. Despite this growing awareness, most Russians do not currently hold any digital tokens, with only a small fraction using crypto for savings or investment purposes.

In June, a research report from fintech company Triple A showed that approximately 6% of Russians hold cryptocurrency, equating to over 9 million individuals. This suggests that more than 12% of the working population has acquired cryptocurrencies.

In April 2022, Russia’s prime minister Mikhail Mishustin revealed in the State Duma that more than 10 million citizens possess crypto wallets, which could contain over 10 trillion rubles (exceeding $107 billion at current rates).

However, he did not disclose the source or methodology behind this estimate.

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