According to Bloomberg, the USD 214 billion amount is equal to almost 12% of worldwide cryptocurrency holdings. Experts argue that the government’s USD 214 billion valuation is conservative. As many Russians may utilize virtual private networks (VPNs) to acquire and trade cryptocurrencies anonymously.
Alexander Filatov, co-founder and CEO of blockchain company TON Labs, believes the government’s statistics are correct. He said that “Russians definitely own a lot of cryptocurrencies, but it’s difficult to estimate how much they have. Many people use cash, derivatives, or have two passports and can establish a crypto wallet in the name of another person.”
According to data from tripleA, a Singapore-based payment gateway, more than 17 million Russians possess cryptocurrencies, with 60 percent of local cryptocurrency investors being between the ages of 25 and 44. The forecast comes as the Russian government and central bank disagree on the country’s crypto asset future.
While the central bank has advocated for a ban on these assets, President Vladimir Putin has urged regulators to reach an agreement. According to Russia’s central bank, mining and trading should be shut down because they pose a threat to the country’s financial system.
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