According to a recent Russian government estimate, locals have more than 16.5 trillion rubles ($214 Billion) worth of cryptocurrency.
Russians Hold 12% of Crypto Market
Bloomberg reported Tuesday that this figure is approximately 12% of global crypto holdings and one-third of Russia’s stock market capital.
The report cited unidentified sources who were familiar with the matter. It noted that the estimate of crypto holdings was calculated by analysing IP addresses of top users of digital asset exchanges, as well as other data sources.
Sources close to the Kremlin and government say that the estimates are being used to create new regulations and get an overview of the country’sypto marketplace. The proposals are still in the process of being finalized.
Sources suggest that the estimate of $214 billion might be lower because some crypto traders use VPNs to hide their activities, due to the lack in regulatory clarity.
Nevertheless, the current number is still a big jump from the data shared in December by the head of the lower house of parliparliament’sncial markets committee, Anatoly Aksakov. The report stated that crypto owned by the Russians was worth approximately 5 trillion rubles ($65 million).
Russian Regulators Discuss Crypto Regulation
As watchdogs continue to debate regulation in Russia, the latest data paints a picture showing the rapid growth of the Russian cryptocurrency market.
Initial proposals by the central bank for a complete ban on digital asset trading, and all related activities including mining, were rejected because it threatened the country’s financial system.
The Russian finance ministry opposed the idea, opting instead to establish clear regulations.
In the midst of all these divergent opinions, President Putin addressed the issue, asking the parties to reach a regulatory compromise. He is inclined towards the regulation of crypto in Russia.
The current state of affairs suggests that regulations might soon be established for the Russian digital asset marketplace.
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