Cryptocurrency Transactions Soar in Russia, Prompting Calls for Swift Regulation

Yuri Chikhanchin, the Director of Rosfinmonitoring, the Federal Service for Financial Monitoring in Russia, highlighted the growing popularity of cryptocurrency in the country.

In a recent interview, Chikhanchin revealed that more than 185,000 cryptocurrency transactions took place in the first nine months of 2023, surpassing the entire count for 2022. He emphasized the need for swift regulation in the crypto industry, citing its involvement in illicit activities.

Chikhanchin also disclosed that Rosfinmonitoring utilizes the “Transparent Blockchain,” a software toolkit developed in partnership with VTB bank, to track cryptocurrency transactions on over 30 blockchains, allowing for sender and receiver identification. The tool has garnered interest from Arab, African, and Latin American countries and enables banks to manage crypto-compliance tasks.

Chikhanchin calls for regulation due to concerns about cryptocurrency’s use in illegal activities in Russia, with drug dealers, terrorists, and corrupt officials using it as a substitute for cash. While discussing cryptocurrency regulation, he stressed the importance of establishing clear rules, even if it means a complete ban on cryptocurrencies. In contrast, Rosfinmonitoring views the upcoming digital ruble, Russia’s central bank digital currency, as a transparent solution for financial transactions.

Clever Robot News Desk 6^th November 2023