Russians Own More Crypto Than You’d Think
Russian citizens are HODLing more than their fair share of crypto, a new report from the Kremlin estimates.
Covered:
- Russians Own More Than $200 Billion Of Crypto
- Putin And The Central Bank Clash Over Blanket Crypto Ban
Russians Own More Than $200 Billion Of Crypto
According to government estimates, Russian citizens own approximately 16.5 trillion rubles ($214 billion USD) worth of cryptocurrencies.
The estimate was reported by the Kremlin and Government officials of Russia. The findings came out of study carried out to give an overview of the crypto market to formulate new regulations of the burgeoning industry. The crypto holdings estimates were calculated by analyzing IP addresses of high-profile exchange users in the country with a few other data points.
The estimates are most likely on the lower side, as the crypto regulations in Russia are unclear, thus many citizens use anonymous tools to carry out transactions.
Based on the data the Kremlin was able to ascertain, Russians own approximately 12% of the total crypto market. It evaluates the crypto market in Russia at about a whopping third of the market capitalization of Russia’s benchmark stock index. This figure paints a clearer picture as to why Russia would want to regulate crypto, instead of imposing an outright ban.
The Russian crypto scene is growing, as this new report triples the amount of estimated Russia holdings since Dec 2021. The central bank wants to outright ban crypto trading and mining, but Putin won’t allow it.
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Putin And The Central Bank Clash Over Blanket Crypto Ban
The current state of a ban or regulation on cryptocurrencies in Russia is unclear, as it seems that the central bank and Putin are at odds with each other.
The central bank wants an outright ban on crypto, saying that the whole market poses a threat to the entire financial system of Russia. They called for a blanket ban, but Putin and the government officials fought back.
Last week, Vladimir Putin said that the country boasts “competitive advantages” when it comes to Bitcoin mining during a videoconference. He also assured government officials that he would not allow the central bank to impede technological advantages in the country:
“The central bank does not stand in our way of technical progress and is making the necessary efforts to introduce the latest technologies in this area of ??activity”
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Text source: CryptosRus
