Cryptocurrency Turnover Growing in Russia, Watchdog Reports to Putin

Cryptocurrency Turnover Growing in Russia, Watchdog Reports to Putin

Use of cryptocurrencies is increasing in Russia, the head of the country’s financial watchdog has informed President Putin. The agency, Rosfinmonitoring, is following thousands of participants in digital asset transactions with a new blockchain analytics system, the official revealed. Volume of Crypto Transactions in Russia Almost $13 Billion, Financial Authority Says

The turnover of crypto assets in Russia is growing, according to Yury Chikhanchin, director of the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring), who reported to President Vladimir Putin about the agency’s current operations.

The watchdog is monitoring the activities of over 25,000 participants in crypto transactions, the executive revealed at a meeting with the head of state. The service has also identified around a dozen financial organizations that provide assistance to them.

Quoted by the business news portal RBC, Putin remarked that wherever money or new financial instruments appear, “swindlers” appear as well. Chikhanchin admitted that the use of cryptocurrency is increasing in Russia in the absence of comprehensive regulation.

“We believe that the cryptocurrency turnover today is more than 630,000 bitcoins,” he detailed without elaborating. At current rates, that amount of BTC nears $13 billion in fiat equivalent. According to an estimate quoted by the Bank of Russia in 2021, the annual volume of crypto transactions made by Russians at the time was around $5 billion.

Rosfinmonitoring has carried out about 120 crypto-related investigations and initiated over 60 criminal cases. Chikhanchin pointed out that this was possible thanks to the launch of Russia’s new ‘Transparent Blockchain’ platform.

“A year ago, the service could only track bitcoin, but using this system allows you to see the movements of more than 20 different crypto assets,” the official explained. The crypto analytics tool is currently undergoing tests at the Ministry of Internal Affairs, the Federal Security Service, and the Investigative Committee. Other countries from the Commonwealth of Independent States have shown interest in obtaining it.

Transparent Blockchain was employed in efforts to shut down the darknet market Hydra, as part of cooperation with law enforcement agencies and representatives of financial intelligence organizations of other nations.

The website was taken down in early April 2022, when German authorities seized its services in an operation conducted with U.S. support. An alleged administrator, Russian citizen Dmitry Pavlov, was arrested later that month. Tags in this story agency, Authority, Blockchain Analytics, Crypto, Cryptocurrencies, Cryptocurrency, platform, President, Putin, Regulation, regulator, report, Rosfinmonitoring, Russia, russian, system, tool, Transparent Blockchain, turnover, watchdog

Do you think the cryptocurrency turnover in Russia will continue to increase? Tell us in the comments section below. Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Circle Issues Update Amid Stablecoin Volatility; Firm Is Prepared to "Stand Behind USDC and Cover Any Shortfall" NEWS | 10 hours ago Bank of England Shuts Down Silicon Valley Bank"s UK Branch After US Regulators Close Parent Company NEWS | 11 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBillionaire Warns of Imminent Bank Runs if Government Fails to Guarantee All SVB Deposits Next articleNigerian Central Bank Unveils Open Banking Guidelines Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design