The Bank of Russia is set to investigate cross-border crypto transfers by residents in Q4 2024 and Q1 2025. This initiative, outlined in its latest oversight program, aims to assess the scale of crypto transactions involving residents. The study will analyze transaction types, counterparties, directions, and the role of banks like Raiffeisenbank, Citibank, and others. The central bank's statistics department will also review the volume of these crypto transfers to gauge their impact on Russia’s financial system.
This move aligns with rising crypto adoption in Russia, where nearly 20% of the population has engaged with cryptocurrency. However, despite growing awareness, only a small portion actively uses it for savings or investment. Reports indicate that about 6% of Russians hold crypto, translating to over 9 million people. Additionally, estimates suggest that over 10 million Russians may have crypto wallets with significant holdings.