Fun

Russians Own $215 Billion in Crypto Suggests Estimate Attributed to Government

News Feed - 2022-02-03 05:02:33

Russians Own $215 Billion in Crypto Suggests Estimate Attributed to Government


Russians may own more cryptocurrency than previously thought, a new estimate reportedly used by the government has indicated. The quoted figure amounts to over a tenth of the global holdings and may serve as an impetus for the government to regulate Russia’s crypto market rather than outlaw it. Estimated 12% of Crypto Allegedly Held by Russians


Russian citizens own cryptocurrencies worth over 16.5 trillion rubles (around $215 billion), according to an estimate referred to by authorities in Moscow, Bloomberg reported. The figure has surfaced as government institutions are trying to adopt a comprehensive policy to determine the future of the decentralized digital assets in Russia.


Regulators have scrambled to put the country’s growing crypto space in order following a call by President Vladimir Putin for a consensus on the matter. It was issued after Bank of Russia proposed a blanket ban on crypto-related activities, an idea which has been rejected by a number of officials as counterproductive.


Russian media recently revealed that the government has drafted a roadmap to regulate, not prohibit crypto transactions. People working with the proposals told Bloomberg that the latest estimate was produced last month through analysis of the IP addresses of crypto exchange users and other information. The two sources chose to remain anonymous as the policies are yet to be finalized.


The cryptocurrency owned by Russians, the report notes, amounts to around 12% of the value of global crypto holdings, as per Coinmarketcap’s data, and is equal to a third of the market capitalization of their country’s benchmark stock index. This may be among the key reasons why the Russian government is more inclined to regulate the industry instead of imposing a wide-ranging ban.


The $215-billion figure exceeds previously announced estimates. In December, the head of the parliamentary Financial Market Committee, Anatoly Aksakov, said that Russian citizens had invested 5 trillion rubles in crypto ($67 billion at the time). Bank of Russia’s numbers suggest that the annual volume of crypto transactions made by Russians reaches $5 billion.


According to the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib) and the Singapore-based Triple A payment gateway, more than 17 million Russians own cryptocurrency, which is over a tenth of the country’s population. A representative of Deputy Prime Minister Dmitry Chernyshenko, who signed the regulatory roadmap, indicated the government refers to that figure as well but declined to value the total crypto holdings of Russian residents. Tags in this story ban, Bank of Russia, Central Bank, Crypto, crypto market, crypto space, Cryptocurrencies, Cryptocurrency, estimate, Government, holdings, proposal, Proposals, Regulation, Regulations, report, Russia, russian, russians, Wallets


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. 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. India Confirms "It"s Not Illegal to Buy or Sell Crypto" — Government Will Consult Widely on Crypto Regulation REGULATION | 9 hours ago India Announces Upcoming Launch of Central Bank Digital Currency, Digital Rupee, to Be Issued by RBI REGULATION | 19 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTechnical Analysis: Quant Climbs 20%, as Loopring Selloff Extends Next articleFTX Enters Japanese Crypto Market With Acquisition of Regulated Crypto Exchange 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 ItRobinhood to Launch Crypto Trading Internationally — Sees "Immense Potential" in Crypto Economy


Robinhood has “set aggressive goals to start opening its crypto platform up to customers internationally in 2022,” the popular trading platform revealed during its Q4 earnings call. “The company believes in the immense potential of the crypto economy and sees ... read more.Russians Aware of Bitcoin Divided on Proposed Crypto Ban, Poll Finds Pop Star Justin Bieber Buys Bored Ape NFT for $1.29 Million, Pays More Than 300% Above Floor IMF Tells El Salvador: Costs of Making Bitcoin Legal Tender Exceed Potential Benefits Crypto Ban in Russia Can Have Opposite Effect, Medvedev Warns as Opposition Mounts Against Proposal

News Feed

Indonesia to implement regulatory sandbox for crypto assets
Savannah Fortis13 hours agoIndonesia to implement regulatory sandbox for crypto assetsThe Indonesian financial authorities said that by the beginning of 2025, the government will implement a regulatory sandbox for crypto
Ethereum Could Target $3,000 Once It Breaks Current Supply Levels – Analyst
Este artículo también está disponible en español. Ethereum has experienced a prolonged consolidation below key resistance levels, struggling to find momentum as it contin
Bitcoin Price Ready to Resume Gains: Can the Uptrend Return?
Este artículo también está disponible en español. Bitcoin price started a fresh increase above the $62,000 zone. BTC is gaining pace and might aim for more gains above th
Tencent Launches Extended Reality Unit to Tackle the Metaverse Market
Tencent Launches Extended Reality Unit to Tackle the Metaverse Market Tencent, the Chinese technology and entertainment giant, announced the creation of its own metaverse-driven di
Baanx BXX Token: 100% Increase on Its Debut
Baanx BXX Token: 100% Increase on Its Debut press release PRESS RELEASE. BXX listed on the MEXC Global exchange, and jumped from $0.15 at listing, to $0.50, befor
Iran to Permit Use of Cryptocurrencies in International Settlements, Reports Reveal
Iran to Permit Use of Cryptocurrencies in International Settlements, Reports Reveal Authorities in Iran are preparing to allow the employment of cryptocurrencies for international
Onecoin Victims Join Petition Seeking Establishment of European Crypto Fraud Compensation Fund
Onecoin Victims Join Petition Seeking Establishment of European Crypto Fraud Compensation FundOnecoin victims have joined a consortium that wants the European Parliament to consider
Bank of Canada’s Official: Crypto Needs Regulation Before It Becomes ‘a Lot Larger’
Bank of Canada"s Official: Crypto Needs Regulation Before It Becomes "a Lot Larger" Bank of Canada’s senior deputy governor says the central bank does not want to wait until
Stablecoin Issuer Tether Says It Is a Victim of a 500 BTC Ransom Demand Infoleak Threat
Stablecoin Issuer Tether Says It Is a Victim of a 500 BTC Ransom Demand Infoleak Threat Just days after the conclusion of its long-running feud with the Office o
Bitfinex launches volatility futures on Bitcoin and Ether
Helen Partz1 hour agoBitfinex launches volatility futures on Bitcoin and EtherBitfinex Derivatives is allowing investors to trade on the implied volatility of Bitcoin and Ether as another asset class.276 Total views1 Tot
eToro CEO, Binance Exec Join Justin Sun’s $4.5 Million Buffett Lunch
The highly anticipated crypto power lunch between Warren Buffett and Justin Sun is growing and will now include two new members who promise to enrich the conversation between the two businessmen.
Paypal’s Stock Soars to All Time High as Demand for BTC on the Platform Now More Than Supply of New Coins
Paypal"s Stock Soars to All Time High as Demand for BTC on the Platform Now More Than Supply of New Coins E-commerce giant Paypal’s stock price surged to a