Russian Prime Minister Mikhail Mishustin said the country’s citizens hold over 10,000 billion rubles ($ 130 billion) in cryptocurrencies, Cointelegraph reported Friday.
What happened?
“We know that more than 10 million young people have opened cryptocurrency wallets into which they have transferred significant amounts of money, exceeding 10,000 billion rubles,” Mishustin said in a presentation, according to the report.
Russia, however, has yet to create a regulatory framework for cryptocurrencies.
Samyuktha Sriram
Mon April 11, 2022, 12:55 PM ยท 2 minutes to read
Russian citizens have crypto worth 10,000 billion rubles
Russian citizens have crypto worth 10,000 billion rubles
Russian Prime Minister Mikhail Mishustin said the country’s citizens hold over 10,000 billion rubles ($ 130 billion) in cryptocurrencies, Cointelegraph reported Friday.
What happened.
“We know that more than 10 million young people have opened cryptocurrency wallets into which they have transferred significant amounts of money, exceeding 10,000 billion rubles,” Mishustin said in a presentation, according to the report.
Russia, however, has yet to create a regulatory framework for cryptocurrencies.
This content is not available due to your privacy preferences.
To view it, please update your settings here.
The Prime Minister said “various estimates” were involved in the calculation of the figures, but without mentioning any particular sources, Cointelegraph said.
A Bloomberg report last month claimed that the Russians collectively held 16.5 trillion rubles ($ 214 billion) in cryptocurrencies, according to estimates by the Kremlin and the government.
Furthermore, the month of March saw Bitcoin (CRYPTO: BTC) trading at a premium of 40% against the ruble; demand for the world’s leading digital asset has in fact soared following the Russian invasion of Ukraine.
Because it is important.
Despite some requests from politicians to prevent Russian citizens from using cryptocurrency exchanges, industry experts say there is no on-chain evidence that these digital assets are being used to evade sanctions.
“At the moment we have not seen any evidence that Russia or Putin are systematically using cryptocurrencies to evade sanctions,” said Jonathan Levin, strategic director of blockchain analytics firm Chainalysis.
Price movement
At the time of publication, Bitcoin (CRYPTO: BTC) was down 1.4% daily to $ 42,164 and Ethereum (CRYPTO: ETH) was down 2.49% to $ 3,173. Benzinga Pro data.