Russian Central Bank recommends strict monitoring of crypto transactions
The Central Bank of Russia (CBR) has recommended that the country's commercial banks step up monitoring of transactions by users that may be aimed at circumventing special economic measures against outflows of foreign currency.
Banks are instructed to monitor transactions more closely
According to local media, the letter sent to banks by CBR Deputy Chairman Yuri Isaev on Wednesday instructs them to monitor more closely the "unusual behaviour" of their customers. This includes stricter monitoring of crypto trading, which has been cited as one of the vehicles for capital withdrawal from Russia. If necessary, suspicious transactions must be blocked and information about them forwarded to the Federal Financial Monitoring Service (Rosfinmonitoring).In the early days of the Ukraine war and the resulting economic sanctions, special measures were taken to limit the outflow of foreign currency. These included limiting foreign exchange transactions by Russian citizens to $5,000 and a $10,000 cap on cash for foreign travel. Purchases of real estate, securities, and other assets from residents of "unfriendly" countries must be approved by the government.
More than 10 million Russian citizens hold crypto
Although the ability of Russian oligarchs and other wealthy individuals to evade international sanctions is limited, more than 10 million Russian citizens collectively hold about 5 trillion rubles ($63 billion) in cryptocurrencies. With Visa and Mastercard cards blocked and their own government imposing strict restrictions on transactions, many Russian citizens are left with cryptocurrency as their only option for withdrawing money from their bank accounts.While some Western politicians emphasize that it is the oligarchs who use cryptocurrencies to transfer their wealth, it is ultimately the ordinary people who rely on digital asset infrastructure in the face of skyrocketing inflation and tighter monetary control by the government. The central bank's plans show that it sees this as a way to escape the growing instability of the Russian economy.
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