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Russians Own $215 Billion Worth of Crypto, Suggests Estimate Attributed to Government Regulation
Russians may own more cryptocurrency than previously thought, a new estimate reportedly used by the government shows. The figure mentioned amounts to over a tenth of the world's holdings and could serve as an impetus for the government to regulate the Russian crypto market instead of banning it. Estimated 12% of Cryptocurrencies Allegedly Held by Russians Russian citizens own over 16.5 trillion rubles (around $215 billion) worth of cryptocurrencies, according to an estimate cited by authorities in Moscow, Bloomberg reported. The figure has emerged as government institutions seek to adopt comprehensive policies...
Russians Own $215 Billion Worth of Crypto, Suggests Estimate Attributed to Government Regulation
Russians may own more cryptocurrency than previously thought, a new estimate reportedly used by the government shows. The figure mentioned amounts to over a tenth of the world's holdings and could serve as an impetus for the government to regulate the Russian crypto market instead of banning it.
An estimated 12% of cryptocurrencies allegedly held by Russians
Russian citizens own over 16.5 trillion rubles (around $215 billion) worth of cryptocurrencies, according to an estimate cited by authorities in Moscow, Bloomberg reported. The figure has emerged as government institutions seek to adopt a comprehensive policy to determine the future of decentralized digital assets in Russia.
Regulators have been scrambling to bring order to the country's growing crypto space after a Call by President Vladimir Putin for consensus on the matter. It was issued according to the Bank of Russia suggested a blanket ban on crypto-related activities, an idea that existed rejected by a number of officials as counterproductive.
Russian media recently revealed that the government has drawn up a draft Timetable To regulate crypto transactions, not ban them. People working on the proposals told Bloomberg that the latest estimate was created last month by analyzing crypto exchange users' IP addresses and other information. The two sources chose to remain anonymous because guidelines have not yet been finalized.
The cryptocurrency owned by Russians, the report said, amounts to around 12% of the value of global crypto holdings, according to data from Coinmarketcap, and is equivalent to a third of the market capitalization of their country's benchmark stock index. This may be one of the main reasons why the Russian government is more inclined to regulate the industry rather than impose a sweeping ban.
The $215 billion figure exceeds previously announced estimates. In December, the chairman of the parliamentary financial markets committee, Anatoly Aksakov, said that Russian citizens had done this invested 5 trillion rubles in crypto ($67 billion at the time). Bank of Russia figures suggest reaching the annual volume of crypto transactions made by Russians 5 billion dollars.
According to the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain ( Racib ) and Singapore-based payment gateway Triple A, more than 17 million Russians own cryptocurrency, representing over a tenth of the country's population. A representative of Deputy Prime Minister Dmitry Chernyshenko, who signed the regulatory roadmap, indicated that the government also referred to this figure, but declined to assess the total crypto holdings of Russian residents.
Do you think the volume of Russian crypto holdings will influence regulators in their final decision on the future of cryptocurrencies in Russia? Let us know in the comments section below.
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