The Bank of Russia will examine citizens’ cryptocurrency transactions within six months. This is stated in It was published is the organizer of the financial market research program.
Between the fourth quarter of 2024 and the first quarter of 2025, 19 credit institutions will provide information to the Central Bank about cross-border transfers of individuals related to the purchase and sale of digital assets. The list of survey participants includes MTS Bank, Raiffeisenbank, Citibank, Soyuz Bank, UniCredit Bank and others.
The purpose of data collection is to identify and evaluate the volume of transactions with crypto assets in the general flow of international money transfers from Russians. The regulator will request information from banks about their bank’s transfer methods, payment systems, parties to transactions and country codes.
Banks identify cryptocurrency transactions based on codes and counterparty data, especially when sending money to exchanges. However, experts doubt the accuracy of future results since not all transactions occur through centralized sites.
Although there is no clear regulation, cryptocurrencies are widely used in Russia. The country ranked seventh globally in the adoption of digital assets in 2024. According to the Shard company, cryptocurrency turnover in the Russian Federation reached 2.3 trillion rubles in the first half of 2024.
The regulator excludes the use of cryptocurrencies within the country, but getting ready Launching an experiment on cross-border crypto payments by the end of 2024.
existed before clarified Start date for full use of the Digital Ruble
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Source: Gazeta
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