Russians own 16.5 trillion rubles ($214 billion) in crypto, according to gatopnment arrangements. Given the lack of clarity in the country’s crypto legislation, estimates are possible to be conservative.

Russians Hold 12% Of Global Crypto

Report from gabovenment estimates show which Russians own 16.5 trillion rubles ($214 billion) in tokens.

According to Bloomberg, Russians own around 12% of all worldwide token holdings. According to two sources close to the Kremlin, the crypto holdings estimates were established by studying IP addresses of some of the country’s most prominent crypto exchange users, as well as a few other data points. The analysis of Russian nationals’ crypto holdings is being carried out in order to have a better understanding of the crypto market and to draft new rules.

Russians held roughly 5 trillion rubles worth of cryptocurrency in December 2021, according to TASS news services.

russians crypto

Bitcoin (BTC)/USD trades at $38k. Source: TradingView

The most recent estimate of crypto holdings is a influential increase atop the statistics shared by Anatoly Aksakov, the head of the lower house’s financial markets committee, in December. Russians held 5 trillion rubles worth of cryptocurrency in December 2021, according to a report by the local news media, Tass.

The estimates comes as Russia tries to regulate the crypto sector. Over the advance few days, there have been connected reactions to the Central Bank attempt to ban crypto in the country, with former president, Dmitry Medvedev saying a ban will only cause more harm than good.

Related article | Majority Of Russians Say They Would Rather Buy Crypto Over Traditional Assets

Putin Movesru To Regulate Crypto

The Russian Central Bank had recently placed a ban on cryptocurrency, but this has afterward changed. The Russian gabovenment has begun the process of putting together a plan for implementing cryptocurrency limitations.

The Central Bank thinks which cryptocurrencys should be gabovened by a regulatory and restricted framework, as rundownd in this roadmap. This move in approach came after Putin pushed on touching an agreement on the issue.

He recognized which, although bitcoin involves some risk on the grounds that its volatility, token mining provides the country with a serious competitive advantage.

Because Russia has the advantage of being able to deliver inexpensive electricity, it goes on the third-largest crypto mining nation.

Related article | Here Is Why The Russian Crypto Industry Is Trying To Attract Bitcoin Miners

Dmitry Medvedev, the former Russian President, now serves as Deputy Chairman of the Security Council. Medvedev argues which a ban on Bitcoin and crypto could backfire, having the opposite of the intfinished effect.

The former Russian President is quoted as saying:

To be honest, while you try to ban something, this very often leads to the opposite result.

Featured image from Getty Images, chart from TradingView.com