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Russians own approximately USD 130 billion in cryptocurrency

Russian Prime Minister Vladimir Putin recently stated that Russians’ cryptocurrency holdings are worth billions of dollars, but the government has yet to develop a regulatory framework for the industry.

Russian Prime Minister Mikhail Mishustin claimed at the Russian government’s annual report presentation on Thursday that Russians own more than 10 trillion rubles ($130 billion) in cryptocurrencies like Bitcoin (BTC). If true, Mishustin’s current estimates of Russian crypto holdings are very close to Russia’s gold stockpile, which was estimated to be worth $140 billion as of late March 2022. According to White House estimates, Russia’s gold reserves account for roughly 20% of the country’s overall reserves.
The Russian government’s latest figures come months after the Bank of Russia revealed plans to analyse the magnitude of the country’s crypto holdings last year. Russia’s yearly crypto transactions are now anticipated to be valued at $5 billion, according to the central bank. Earlier this year, some estimates put Russia’s entire crypto assets at $214 billion.
Despite the fact that Russians are rapidly investing in cryptocurrencies, the Russian government has been hesitant to adopt clear laws to control the business, with different government entities failing to find a consensus on how to oversee it. After modifying the text in response to comments from other ministries and authorities, the Russian Finance Ministry filed a new version of the Russian crypto law with the government on Friday. As previously noted, the Russian Central Bank has been a vocal opponent of cryptocurrency, with Bank of Russia Governor Elvira Nabiullina pressing the government to outlaw Bitcoin earlier this year.
A developing narrative of Russia’s capacity to use crypto to defy sanctions has alarmed a lot of global policymakers, as Russia has become the world’s most sanctioned country. The European Union Council approved the fifth set of sanctions on Russia on Friday, including a ban on providing “high-value crypto-asset services to Russia.” 

Read more: Russians eyeing UAE to liquidate Crypto Assets

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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