Kremlin: Russians Hold Over $200 Billion In Crypto

Interest in cryptocurrencies has been growing in Russia, not least among non-qualified investors. According to recently quoted estimates, Russians have already put more than $67 billion into the crypto market, the capitalization of which has increased significantly this year. Russians Spent Some 5 Trillion Rubles on Crypto Russian residents have swapped 5 trillion of their national fiat (over $67.5 billion) with cryptocurrencies, a high-ranking member of the State Duma has revealed without indicating a time frame. Speaking during hearings at the lower house of the Russian parliament on....

Russians reportedly hold about $130 billion in cryptocurrency but the government is yet to adopt crypto legislation. The Russian prime minister declared that the cryptocurrency holdings of Russians are worth billions of dollars but the government is yet to adopt a regulatory framework for the industry.Russians collectively hold more than 10 trillion rubles ($130 billion) in cryptocurrencies like Bitcoin (BTC), Russian prime minister Mikhail Mishustin claimed at the annual report presentation of the Russian government on Thursday.The prime minister did not mention the source for this....

According to data from TASS news services, Russians owned nearly 5 trillion rubles worth of cryptocurrencies by December 2021. Russian citizens reportedly own 16.5 trillion rubles ($214 billion) worth of cryptocurrencies, according to government estimates.A Bloomberg report noted that Russians own about 12% of the total global crypto holdings. The crypto holdings estimates were calculated by analyzing IP addresses of some of the most significant crypto exchange users in the country along with a few other data points, said two people working with Kremlin. The crypto holdings analysis of....

With the growing capitalization of the crypto economy, Russians have been making crypto transactions worth billions of dollars a year, data gathered by the Central Bank of Russia shows. Russian residents are some of the most active participants in the crypto market, the regulator has acknowledged. Russians Among Most Active Crypto Users, Central Bank Admits True to its hardline stance on decentralized digital money, the Central Bank of Russia (CBR) has recently stated that cryptocurrency operations “carry significant risks for financial stability and investors as well as....

The analytic note mentioned that the estimates are purely an overview and based on a basic tax slab of 6%, which would be quite different once regulations are set in place. The Russian government is expected to collect up to 1 trillion rubles ($13 billion) in crypto tax each year, as per an estimation by the authorities.The Bell, a local Russian publication, reportedly got its hands on the government analytic note that estimated the yearly tax revenue. According to the letter's authors, Russians hold 12% or nearly $214 billion in crypto. The number of users on foreign exchanges is....