Russia’s central bank to probe cryptocurrency-linked cross-border transfers, banking channels

The Bank of Russia intends to study cross-border crypto transfers by residents, focusing on banking channels to determine the number of crypto-related operations.

According to its most recent monitoring program, Russia’s central bank will investigate cross-border crypto transactions by citizens in Q4 and Q1 2025 to detect and quantify operations involving cryptocurrency acquisition and sale.

The central bank stated that the examination will focus on crucial issues such as transaction formats, transfer directions, counterparties, and the banks facilitating these transactions. Raiffeisenbank, Citibank, MTS Bank, Unistream, and several regional banks, such as Asia-Pacific Bank, Ak Bars Bank, and Avangard, will participate in the study.

The move comes as cryptocurrency popularity in Russia continues to increase. According to the most recent data, about 20% of Russians have used Bitcoin, and more than 65% are aware of it but lack detailed information. Despite this increased awareness, most Russians do not yet own any digital tokens and just a small percentage use cryptocurrency for savings or investments.

In June, a research analysis by fintech business Triple A revealed that around 6% of Russians own cryptocurrency, which equates to over 9 million people, implying that more than 12% of the working population has purchased cryptocurrency.

before April 2022, Russia’s Prime Minister Mikhail Mishustin disclosed before the State Duma that more than 10 million citizens have crypto wallets containing over 10 trillion rubles (more than $107 billion at current exchange rates). However, he did not provide the source or rationale for this assessment.

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