Russians perform up to $5B in crypto transactions every year, apex bank says By BTC Peers
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Apex Bank estimates that Russians do up to $5B annually in crypto transactionsAccording to the Bank of Russia, Russian citizens are among the world’s most active participants in the cryptocurrency market.
The country’s central bank published a fresh review on financial stability this Thursday, highlighting Russia’s growing role in the $2.8 trillion crypto market.
Based on estimates made by local banks in July 2021 the Bank of Russia stated that there were approximately 5 billion crypto transactions per year from Russia.
As the BTC’s price has nearly doubled from July to November, it is not clear if the Bank of Russia took into account (BTC), as its price increased from about $30,000 in July to more than $60,000 in November.
According to the Bank of Russia, the Russian Federation was also ranked among the most visited countries in Binance. Digital intelligence provider has also collected data. SimilarWeb (NYSE: ) It is believed that Russia was the second largest source of traffic on Binance, after Turkey.
Russia remains one of the world’s largest Bitcoin mining hubs, ranking third in terms of national hash rates, according to Cambridge Bitcoin Electricity Consumption Index as of August 2021.
Regardless of Russia’s dominant position in the global cryptocurrency market, the Russian premiere bank insists that the crypto industry still holds immense risks, especially those associated with financial stability, investor protection, money laundering, and criminal financing, as well as ESG risks.
However, the central bank didn’t offer immediate solutions for these risks. The central bank said it will keep an eye on the markets to detect potential threats.
The current relationship between digital currencies, financial institutions and other forms of currency is not clear. But, rapid growth and widespread adoption of digital currencies could pose greater risks globally as well as for Russia’s financial sector.
The Bank of Russia is not giving cryptocurrencies an easy ride. Elvira Nabinullina, CBR Governor, stated that crypto adoption should be encouraged by responsible governments. While encouraging the creation of digital currencies, it discourages local banks from trading with crypto. Because of this, there has never been any Russian crypto exchange that can legally provide crypto services.
Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of the potential risks and financial costs involved in trading the financial market. It is among the most dangerous investment options.
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