Russian Prime Minister recently stated that Russians’ cryptocurrency holdings are worth billions of dollars, but the government has yet to develop a regulatory framework for the industry.
Russian Prime Minister Mikhail Mishustin claimed at the Russian government’s annual report presentation on Thursday that Russians own more than 10 trillion rubles ($130 billion) in cryptocurrencies like Bitcoin (BTC).
The prime minister did not state where this figure came from, only that it is based on “different assessments.”
If true, Mishustin’s current estimates of Russian crypto holdings are very near to Russia’s gold stockpile, which was estimated to be worth $140 billion as of late March 2022. According to White House estimates, Russia’s gold reserves account for roughly 20% of the country’s overall reserves.
The Russian government’s latest figures come months after the Bank of Russia revealed plans to analyze the magnitude of the country’s crypto holdings last year. Since then, Russia’s annual crypto transactions have been estimated to be valued around $5 billion by the central bank. Some estimates estimated Russia’s total crypto assets to be $214 billion earlier this year.
Despite the fact that Russians are rapidly investing in cryptocurrencies, the Russian government has been hesitant to adopt clear laws to control the business. That’s, with different government entities failing to find a consensus on how to oversee it. After modifying the text in response to comments from other ministries and authorities. So, the Russian finance ministry filed a new version of the Russian crypto law with the government on Friday.
As previously reported, the Russian central bank has been a vocal opponent of cryptocurrency. That’s, with Bank of Russia governor Elvira Nabiullina pressing the government to outlaw Bitcoin earlier this year.
A developing narrative of Russia’s capacity to utilize crypto to defy sanctions has alarmed a lot of global policymakers. That’s, as Russia has become the world’s most sanctioned country.
Ksenia Yudaeva, the Bank of Russia’s first deputy governor. Of course, allegedly stated earlier this week that sanction evasion with cryptocurrency in Russia is…
“practically impossible,” especially for major transactions. According to reports, the central bank earlier stated that cryptocurrencies like as Bitcoin are “really a financial pyramid scam.”
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