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Cryptocurrency in Russia- About $67 Billion Invested

According to the recently revealed reports, it has been stated that Russian residents have spent a massive sum of 5 trillion Rubles in means of various cryptocurrencies.

Cryptocurrency has been a hot topic throughout the period of last couple of years. Let us take a look at the condition of Russia and its take on crypto.

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Crypto in Russia

Cryptocurrency
credits – PYMNTS

According to the recently revealed reports, it has been stated that Russian residents have spent a massive sum of 5 trillion Rubles in means of various cryptocurrencies. The value states at about $67 Bullion, which is a massive number by all charts. These reports are revealed by Anatoly Aksakov, a high-ranked member from the State Duma, and don’t refer to a specific time frame or window.

This revelation took place while an ongoing lower house Russian parliament was scheduled yesterday.

The status of Cryptocurrencies like Bitcoin, Ethereum, Dogecoin, etc. is not yet regulated by the Russian government. The only status regarding this is a law ‘On Digital Financial Assets’ that was taken in action sometime earlier this year. This law had introduced some keynotes like the action of supplying and distributing the coin. But the future status of taxation and mining such assets still remain out of bounds in the country.

Anatoly Aksakov goes on further to state the fact that the crypto market in Russia has seamlessly drawn attention from various investors. These statistics include the normal day-going residents in the crypto spectrum. He also emphasized the fact that it is high time the authorities in Moscow should make this matter a priority and give a collaborative decision in this very regard. He believes that it has become a necessity to determine how Russians treat this phenomenon of crypto, along with laws of prohibition and restriction.

The local media have their take on the views of the Russian Government institutions about the crypto regulation. Numerous approaches and ways are being discussed, weighed in, and side-tabbing that hints at various possible outcomes. There could be a shadow band over crypto trade and investment in the country or it would be officially legalized to hold, trade, and invest. Again, it is too early to concrete down on anything in particular.

credits – PYMNTS

Reuters revealed that the monetary authority has considered the option of prohibiting any kind of crypto purchases while the current position of the entire matter is majorly under “complete rejection.” Governor Elvira Nabiullina had recently said at a press conference that the regulator has a skeptical attitude towards crypto and went on further to insist that the Russian financial infrastructure should not be used to facilitate any kind of crypto transaction.

There are many other officials at higher posts in the Russian government who has broadcasted their opinion on this very matter. The recent statement by Deputy Finance Minister Alexey Moiseev in October, which stated that the Russian Federation is not going to follow the decisions made by China and ban its citizens from attaining crypto through the means of foreign exchanges. This includes keeping any and all kinds of crypto in oversea based crypto wallets.

The official estimate quoted by the Bank of Russia shows some interesting stats on this matter. The recently published reports on the Financial Stability Overview for the Q2 and Q3 of this year show that the annual volume of digital currency transactions made by Russian residents amounts to 5 Billion USD. Through the analysis of the very same report and stats, the monetary authority warned that the nationwide operation over cryptocurrencies will pose a huge risk for the entire country, in both the matter of financial stability and investors.

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Written by Diptoman Saha

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