Russian cryptocurrency transactions "have tripled in 2023," according to the Kremlin.

Russian cryptocurrency transactions "have tripled in 2023," according to the Kremlin.According to the Kremlin, transfer volumes have doubled and there has been a threefold increase in the number of cryptocurrency transactions in Russia in 2023....

Russian cryptocurrency transactions "have tripled in 2023," according to the Kremlin.

Russian cryptocurrency transactions "have tripled in 2023," according to the Kremlin.


According to the Kremlin, transfer volumes have doubled and there has been a threefold increase in the number of cryptocurrency transactions in Russia in 2023. ".


In an interview with the Russian media site Izvestia, Rosfinmonitoring's chief, Yuri Chikhanchin, made the assertions.


Rosfinmonitoring, formerly the Federal Financial Monitoring Service, is a Kremlin-run organization that fights the nation's money laundering and terrorism funding issues. Chikhanchin expressed:.


We are witnessing a noteworthy volume of cryptocurrency transactions: Over the course of the year, the volume of transactions has increased multiple times. Based on the information we have, more than 185,000 [crypto] transactions were made in Russia during the first nine months of 2023. ".


The organization declared that it had used its monitoring tools to identify 60,000 cryptocurrency transactions in the first nine months of 2022.


Conceding that “the volume of transactions” had “almost doubled” this year, Chikhanchin added that Russians are now sending and receiving more cryptocurrency than they have ever done before.


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And he pushed the government to expedite the long-awaited crypto regulation, which has been on hold due to a standoff between the Ministry of Finance, which is more progressive, and the Central Bank, which is anti-crypto. Chikhanchin expressed:.


Our position is that decisions should be made as soon as possible. If the use of cryptocurrencies for payments is approved or outright prohibited, we already know how we will operate. But we must comprehend the game's guidelines. It's imperative that a choice be made right away. ".


How Is Cryptocurrency Transaction Tracked in Russia?


Chikhanchin led the creation of a tool that the organization says can de-anonymize and track cryptocurrency transactions. Chikhanchin was appointed head of Rosfinmonitoring in 2012.


Transparent Blockchain, as the tool is known, was co-developed by one of the largest commercial banks in the nation, VTB, according to Rosfinmonitoring.


According to Chikhanchin, Russia's foreign allies and commercial banks have recently been given access to this tool. He stated:.


Several nations in Central Asia are presently introducing transparent blockchain technology. Also expressing interest are states in Latin America, Africa, and the Arab world. It enables banks to comply with cryptocurrency regulations. It's being used by financial institutions. ".


With regard to "more than 30 cryptocurrencies," the Rosfinmonitoring head clarified that the tool "makes it possible to identify" both crypto "senders and recipients.". ".


In order to "create a unified database" of "gray addresses," or cryptocurrency wallets linked to suspected money launderers and criminals, he continued, the agency was collaborating with its domestic partners.


In addition to claiming the agency was keeping an eye on about 25,000 Russian cryptocurrency holders, Chikhanchin stated that this database currently contains information on about "19,000 wallet addresses."


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