Bank of Russia is analyzing international cryptocurrency transfers – what will they discover?

The Central Bank of Russia Monitors International Cryptocurrency Transfers

The Central Bank of Russia is planning to analyze international cryptocurrency transfers made by residents, with a particular focus on transactions conducted through banking channels. The aim of this action is to estimate the volume of cryptocurrency operations and identify key factors influencing the market.

Investigation in Q4 2024 and Q1 2025

The study, projected to be conducted by the Central Bank of Russia, will concentrate on the international cryptocurrency transactions of residents in the fourth quarter of 2024 and the first quarter of 2025. According to the latest supervisory program, the goal is to identify patterns of buying and selling cryptocurrencies and assess the scale of these operations.

Key Aspects of the Study

The analysis will focus on various aspects of transactions, such as payment methods, transfer directions, participating parties, and banks involved in the funds transfer process. The study also included major financial institutions, such as Raiffeisenbank, Citibank, MTS Bank, Unistream, as well as several regional banks like Asia-Pacific Bank, Ak Bars Bank, and Avangard.

Assessment of Impact on the Financial System

The oversight by the Department of Statistics of the Central Bank of Russia aims at evaluating the impact of international cryptocurrency transfers on the broader financial system. The analysis covers both the volume and value of these transactions, allowing for a better understanding of cryptocurrency market dynamics in an international context.

Russian Bank Plans to Introduce CBDC

The largest bank in Russia plans to start offering customers the digital ruble (CBDC) in 2025. This initiative is part of a broader trend where an increasing number of central banks are beginning to experiment with state-issued digital currencies.

Russian Society and Cryptocurrencies

According to recent studies, nearly 20% of Russians have used cryptocurrencies, with over 65% of respondents being aware of digital assets, although lacking detailed knowledge about them. Despite the growing popularity of cryptocurrencies, the majority of Russian residents do not own any digital tokens, and only a small percentage use them for investment or savings purposes.

Statistics on Cryptocurrency Ownership in Russia

A report from June revealed that about 6% of the Russian population owns cryptocurrencies, which corresponds to over 9 million people. This is a significant percentage, suggesting that over 12% of the economically active population has some experience with cryptocurrencies.

Estimates Regarding Cryptocurrency Wallet Ownership

According to Russian Prime Minister Mikhail Mishustin, over 10 million citizens own cryptocurrency wallets, containing a total of over 10 trillion rubles. However, the lack of information regarding the source of this data and the estimation methodology raises questions about the credibility of these statistics.