Fun

Cryptocurrency Turnover Growing in Russia, Watchdog Reports to Putin

News Feed - 2023-03-12 02:03:36

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

News Feed

Cardano to Reach $58 by 2030 According to Finder’s Poll
Cardano to Reach $58 by 2030 According to Finder"s Poll The case of Cardano and its price potential has been examined by Finder in its latest panel poll. According to the opinion o
Arie Trouw11 hours agoFreedom unleashed: Americans deserve the right to own their dataThere are still many steps ahead on the road to achieving true data freedom and self-sovereignty.329 Total views1 Total sharesListen t
Rockstar and Kiss Bassist Gene Simmons Tells Fans He Bought Bitcoin and Other Cryptocurrencies
Rockstar and Kiss Bassist Gene Simmons Tells Fans He Bought Bitcoin and Other Cryptocurrencies In September of 2020, the frontman for the rock band Kiss, Gene Si
Chainalysis will help Tether monitor secondary market for illicit activity
Derek Andersen3 hours agoChainalysis will help Tether monitor secondary market for illicit activityThe blockchain analytics firm will provide tools to spot sanctioned and illicit activity and provide market information.5
OKX investigates multimillion account thefts after SIM swap attacks
Zoltan Vardai11 hours agoOKX investigates multimillion account thefts after SIM swap attacksAccording to SlowMist, despite the two similar phishing incidents, OKX’s two-factor authentication mechanism was not the main
AI Act and stablecoin regulations in the EU, 30% crypto mining tax in the US: Law Decoded
David Attlee4 hours agoAI Act and stablecoin regulations in the EU, 30% crypto mining tax in the US: Law DecodedThe European Parliament granted final approval to the European Union’s artificial intelligence law, one of
Turner Wright5 hours agoCFTC case against Digitex futures exchange and CEO results in $16M court orderThe commission filed charges against Digitex and CEO Adam Todd in September 2022 for alleged price manipulation and fa
‘AI Tools Will Provide Very Interesting Enhancements for the Metaverse’ — Upland Co-Founder
"AI Tools Will Provide Very Interesting Enhancements for the Metaverse" — Upland Co-Founder According to Dirk Lueth, co-founder of the Upland Metaverse, the colonization of the m
Crypto Exchange Zebpay Announces Relaunch in India Ahead of Supreme Court Decision on RBI Ban
Crypto Exchange Zebpay Announces Relaunch in India Ahead of Supreme Court Decision on RBI Ban Zebpay is returning to India more than a year after closing down local crypto exchan
Hackless Offers Sandwich Attack Protection for BSC and Ethereum Networks
Hackless Offers Sandwich Attack Protection for BSC and Ethereum Networks sponsored As winners of the ETH hackathon in 2021, theHacklessteam is now releasing the beta version of Anti
FTX says creditors supported reorganization plan with 95% vote
Ezra Reguerra12 hours agoFTX says creditors supported reorganization plan with 95% voteFTX chief restructuring officer and CEO John Ray III said the plan promises 100% return plus interest for non-governmental creditors.
Metaverse pioneer and movie VFX team unite for blockchain project
Ezra Reguerra8 hours agoMetaverse pioneer and movie VFX team unite for blockchain projectWētā Workshop is known for its special effects work on movies like The Lord of the Rings and The Hobbit. 600 Total views1 Total