Russians own over $214 Billion worth, or 12% of the total value of cryptocurrencies worldwide, according to a Bloomberg report.
The data coming from the Kremlin and government officials out of Moscow was articulated from analyzing the IP addresses of the most prominent exchange users out of the country along with various other data points, as stated by two officials from Kremlin.
The data comes after the Russian government had decided to regulate rather than ban cryptocurrencies. The analysis will help articulate an overview of the market to assist in their regulations and should be taken with a grain of salt because of the anonymous nature of cryptocurrencies in general.
“Russians really do have a lot of money in cryptocurrency, but it’s hard to value the true amount…many people are using cash, derivative instruments, or have two passports and can open a crypto wallet in someone else’s name.”
Alexander Filatov, Co-Founder and CEO of TON Labs
The statistics offer a snapshot of how widespread cryptocurrency investing has become in Russia being the third-biggest Bitcoin miner in the world, as officials at the central bank push for a blanket ban on the local industry, while the government pursues a softer approach.[1]https://www.bloomberg.com/news/articles/2022-02-01/russia-values-local-crypto-market-at-200-billion-as-rules-near
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