The Bank of Russia plans to conduct a study of cross-border transfers by Russians related to the purchase and sale of crypto-assets.
The Central Bank of the Russian Federation wants to understand how much money Russians transfer abroad through crypto. The study will begin in the fourth quarter and last until early 2025, it said. regulator website.
Why does the Central Bank need this research?
The purpose of the study is to identify and evaluate crypto transactions among the total volume of cross-border money transfers from Russian citizens. This is important for the regulator in the context of potential risks of capital outflow from the country through cryptoassets.
In recent years, crypto for cross-border transfers has become a popular way to bypass traditional banking systems. This trend is causing concern among financial authorities.
According to Bank of Russia documents, several Russian banks will take part in the survey:
- Asian Pacific Bank (APB);
- “Vanguard”;
- “Ak Bars”
- “Kuban Credit”;
- “Union”;
- “Solidarity”;
- “Unicredit”;
- “Unistream”;
- “Tsifra Bank”;
- “BCS Bank”;
- Raiffeisenbank;
- Citibank;
- MTS Bank.
All mentioned banks will be required to provide the Central Bank of the Russian Federation with data on cross-border transfers of their clients. This will only affect crypto transactions between the first and third quarters of 2024.
Previously, it turned out that 79% of Russians surveyed have never dealt with cryptocurrencies. Only about 20% of respondents have used digital assets at least once in their lives.
About 6% of Russian citizens use crypto for transfers. The vast majority of survey participants invest in digital assets for savings.
This summer, the State Duma of the Russian Federation adopted a law on mining and cryptocurrency. As part of this bill, the country will begin testing trading in crypto assets. The authorities are expected to finally regulate this activity by November.
In mid-September, a special focus group appeared to test cross-border payments in cryptocurrency.
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Source: Cryptocurrency
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