$130B in Crypto Is Being Held by Russians, Stated by The Country’s Prime Minister

Russians are holding $130B in crypto

Russian Prime Minister Mikhail Mishustin said at the Russian government’s annual report presentation on Thursday that Russians own more than 10 trillion rubles ($130 billion) in cryptocurrencies like Bitcoin.

The prime minister did not say where this number came from, just that it is based on “various estimates.”

“We are well aware that we have more than 10 million young people having opened crypto wallets so far on which they have transferred significant amounts of money, which exceeds 10 trillion rubles.”

The Bank of Russia stated last year that it would analyze the size of local crypto holdings. Russia’s annual crypto transactions are now estimated to be worth over $5 billion, according to the central bank. Russia’s entire crypto assets were estimated to be worth $214 billion earlier this year by some sources.

Putin supports the growth of crypto

Despite the fact that the country is familiar with crypto quickly, the government has been hesitant to develop clear laws to control the industry, with different government entities failing to find an agreement on how to regulate it.

The Bank of Russia released a report calling for a ban on cryptocurrency mining in the country, as well as the use of the Russian financial market’s infrastructure and financial institutions’ investments in this volatile digital asset and related goods earlier this year.

After that, Vladimir Putin stated that he is not entirely supportive of the Central Bank’s ban Bitcoin request. He stated that he had pushed the government and the Central Bank to establish an agreement on cryptocurrency.

“The Central Bank does not stand in our way of technological progress and is making the necessary efforts to introduce the latest technologies into this area,” the president said.

“Although, of course, we have certain competitive advantages here, especially in the so-called mining, referring to the electricity surplus and well-trained, available personnel in the country,” he added.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News