Cryptocurrency usage skyrockets in Russia

English Mar 15, 2023

The Financial Monitoring Service agency of the Russian Federation, known locally as Rosfinmonitoring, stated that the use of cryptocurrencies in Russia is growing.

According to the regulator, it is monitoring the activities of more than 25,000 institutions in crypto transactions. Yury Chikhanchin, the director of the agency admitted that the use of cryptocurrencies is increasing in Russia in the absence of comprehensive regulation.

“We believe the cryptocurrency trading volume today is over 630,000 bitcoins.”

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

The crypto analysis tool is currently undergoing tests at the Ministry of Internal Affairs, the Federal Security Service and the Investigative Committee. Other countries in the Commonwealth of Independent States have shown interest in obtaining it.

The Transparent Blockchain was employed in efforts to shut down the Hydra darknet market, as part of cooperation with law enforcement agencies and representatives of other nations' financial intelligence organizations. The site was taken offline in early April 2022 when German authorities seized its services in an operation conducted with US support.


Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.