Russia houses $200B worth of crypto, Kremlin estimates

By  (contrib. Fatstack)
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According to data from a state-backed news agency, 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 Russian citizens is being carried out to get an overview of the crypto market and formulate new regulations. The proposals are yet to be finalized.

The estimates are believed to be on the lower side, given that crypto regulations are not yet clear in the country and many users prefer to use anonymous tools to carry out their transactions.

The recent crypto holdings estimate is a big jump from the data shared by Anatoly Aksakov, the head of the lower house of parliament’s . . . .